Saudi Arabia will extend a voluntary oil output cut of one million barrels per day for another month to include September, it said on Thursday, adding it could be extended beyond that or deepened.
The kingdom's production for September will be around 9 million barrels per day , the state news agency SPA cited an official source at the energy ministry as saying.
The cut may be "extended, or extended and deepened", he added, flagging the possibility of further market tightening.bpd in September, Deputy Prime Minister Alexander Novak said shortly after the Saudi announcement.to limit supply into 2024 at its last policy meeting in June, and Saudi Arabia pledged a voluntary production cut for July that it has since extended to include August.
OPEC+, which pumps around 40% of the world's crude, has been limiting supply since late 2022 to support the market.on Thursday, rebounding from an earlier decline after the Saudi announcement, with Brent crude futures up 42 cents to $83.62 a barrel by 1328 GMT.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Saudi Arabia, Kuwait reaffirm rights to natural resources in Durra gas field -Saudi ministrySaudi Arabia and Kuwait reaffirmed that they jointly own rights to natural resources in the Gulf's Durra gas field, Saudi state news agency SPA reported early on Thursday, citing a statement from the Saudi foreign ministry.
Read more »
‘Barbie’ Release Postponed in Middle East as Potential Ban Looms in Saudi Arabia and More Territories“Barbie” is running into censorship headaches in the Middle East. Leading regional exhibitor Vox Cinemas – which is Warner Bros.’ local distribution partner – has pushed back the release of t…
Read more »
Column: What should US do to normalize ties between Israel, Saudi Arabia?Commentary: The most problematic aspect of a potential Israeli-Saudi deal is what the U.S. would have to concede to make it happen.
Read more »
Saudi Arabia sends $1.2B in aid to YemenSaudi Arabia announces a $1.2 billion grant for war-scarred Yemen in attempt to prop up its economy
Read more »
Saudi Arabia's borrowing costs rise, threatening spending plansInsider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know.
Read more »
Saudi Arabia and Turkey are emerging as the new peace brokers of the Russia-Ukraine warTurkey and Saudi Arabia are well-positioned as brokers, given their positive relationships with Russia while at the same time being longtime allies of the West.
Read more »