Saudi extends voluntary oil cut of 1 mn barrels per day until mid-2024

Saudi Arabia has extended its voluntary oil supply cut of one million barrels per day until the end of the second quarter of 2024 to prop up prices. The decision was taken in coordination with some OPEC+ participating countries, which Riyadh co-leads with Moscow. The extension follows Russia’s production cut by almost half a million barrels in the second quarter of 2024.

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