GNU-Minister of Oil and Gas, Mohamed Aoun, welcomed Saudi Arabia’s decision to extend the voluntary reduction of its oil production by one million barrels per day.
Aoun, on the ministry’s Facebook page, described the Saudi decision as a positive step for market balance between global producers and consumers as well as for the global economy in general.
The Saudi Press Agency quoted a source in the Ministry of Energy as saying that Saudi Arabia will extend the production cut, which it began implementing in July, for another month, to include August, with the possibility of extending it to “enhance the precautionary efforts made by the “OPEC Plus” countries with the aim of supporting the stability and balance of oil markets.
According to the same source, the Kingdom’s production in August will reach about 9 million barrels per day, and it was indicated that this reduction is in addition to another voluntary reduction announced by the Kingdom last April, which extends until the end of December 2024.
Source: Libyan News Agency