Saudi Arabia to continue voluntary output cut of 1 mln bpd in December

Saudi Arabia will extend its voluntary output cut of one million barrels per day (bpd) through December, the state-run SPA reported today, Nov. 5, citing an official source at the Ministry of Energy.

The Kingdom’s output will near nine million bpd in December.

Saudi Arabia will revisit this decision next month to consider extending it, deepening it, or increasing production, according to the source.

Today’s cut is paired with the voluntary oil-output cut announced by the Kingdom in April through December 2024, the source added. The additional voluntary cut builds on OPEC+ precautionary efforts to enhance the stability and balance of oil markets.

Source : Argaam