William Watts
November 6, 2023
Saudi Arabia confirmed on Sunday that it will extend the production reduction plan of 1 million barrels per day that took effect in July until the end of December.
Saudi Arabia stated in a statement quoting officials from the Ministry of Energy that the production reduction will be extended until next month, confirming the statement announced in September that the reduction will continue until the end of 2023. The statement stated that Saudi Arabia's production in December will be approximately 9 million barrels per day.
It is said that Russia announced on Sunday that it will extend its production reduction plan of 300000 barrels per day until the end of December.