Saudi Arabia will review the volume of voluntary reduction of oil production

In November, Saudi Arabia will consider the possibility of revising the volume of voluntary oil production cuts. To date, the country continues to reduce oil production by 1 million barrels per day until the end of 2023. 

However, this decision may be revised next month in order to consider deepening the reduction or increasing production. This additional reduction is a plus to the voluntary reduction announced by Saudi Arabia in April 2023 (until the end of December 2024).

The country's Energy ministry also noted that Saudi Arabia's oil production in November and December will amount to about 9 million barrels per day. The additional reduction in production is intended to strengthen the precautionary measures taken by OPEC+ to maintain stability and balance in the oil market.

In April, a number of OPEC+ countries announced voluntary cuts in oil production, starting in May, in the amount of 1.16 million barrels per day in excess of their current quotas. Saudi Arabia has reduced production by 500 thousand barrels per day. Russia also began voluntary production cuts in March by 500,000 barrels per day. At the June meeting of OPEC+, it was announced that the production cut in excess of quotas would last until the end of 2024.

In July, Saudi Arabia increased production cuts by 1 million barrels per day over the quotas set by the alliance. This measure was extended for August and September, and then until the end of the year. Russia has also started a voluntary reduction in oil exports since August. In the first month, the volume of cuts amounted to 500 thousand barrels, and from September to the end of December, this volume will be 300 thousand barrels per day.