Saudi Arabia Extends Voluntary Oil Cuts to Ensure Market Stability

KSA, 5 June, 2024 : Saudi Arabia's cabinet announced on Tuesday its extension of voluntary oil cuts in conjunction with seven other countries to bolster market stability, as reported by the state news agency SPA. The decision reflects the kingdom's commitment to supporting precautionary measures aimed at stabilizing the oil market.

The voluntary cuts, also adopted by Algeria, Iraq, Kazakhstan, Kuwait, Oman, Russia, and the United Arab Emirates, amount to 2.20 million barrels per day (bpd) and will be extended for three months until the end of September.

Source : www.zawya.com