Saudi Arabia is likely to extend its voluntary 1 million barrels per day oil output cut for another month, through September, to support the oil market. OPEC+ agreed to limit oil supply through 2024, with Saudi Arabia implementing additional cuts. Analysts suggest a phased reduction of the cut over several months. Oil prices, around $84 per barrel, have been supported by supply tightening and China’s economic stimulus. The Saudi Energy Ministry did not comment. OPEC+ has been restraining supply since late 2022.
- Saudi Arabia expected to extend voluntary oil cut for September