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Saudi Arabia to extend voluntary 1 million barrel per day crude oil production cut into September
Heavyweight oil producer Saudi Arabia will extend a 1 million barrel per day voluntary crude oil output cut into September, in the third month of such declines, the state-owned Saudi Press Agency said Thursday. “In effect, the Kingdom’s production for the month of September 2023 will be approximately 9 million barrels per day,” it said, citing a source from the Saudi ministry of energy. The 1 million barrel per day cut, which was also implemented in July and August, “can be extended or extended and deepened,” SPA said. It adds to 1.66 million barrels per day of other voluntary production declines that some ... (full story)