Oil

Saudi Arabia will extend oil production cut to the end of September

The move is an attempt to boost flagging energy prices

  • August 3, 2023
Saudi Arabia is attempting to overhaul its economy

Saudi Arabia will extend its unilateral production cut of one million barrels of oil a day to the end of September, having first introduced it in July. The move comes as the other OPEC+ producers have agreed to extend earlier production cuts to next year.

The kingdom announced the extension in a statement on the state-run Saudi Press Agency, quoting an anonymous official in the kingdom’s energy ministry. The official added that the cut “can ...