Saudi Arabia will extend a voluntary oil output cut of one million barrels per day for another month to include September, it said on Thursday, adding it could be extended beyond that or deepened.
The kingdom's production for September will be around 9 million barrels per day , the state news agency SPA cited an official source at the energy ministry as saying.
The cut may be "extended, or extended and deepened", he added, flagging the possibility of further market tightening.bpd in September, Deputy Prime Minister Alexander Novak said shortly after the Saudi announcement.to limit supply into 2024 at its last policy meeting in June, and Saudi Arabia pledged a voluntary production cut for July that it has since extended to include August.
OPEC+, which pumps around 40% of the world's crude, has been limiting supply since late 2022 to support the market.on Thursday, rebounding from an earlier decline after the Saudi announcement, with Brent crude futures up 42 cents to $83.62 a barrel by 1328 GMT.
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