Saudi Arabia Reaffirms 'Oil Production Cut Extension'... "Additional Cuts or Increases to Be Reviewed Next Month"

Saudi Arabia, the world's largest oil exporter, has reaffirmed its stance to continue voluntary production cuts until the end of the year, local media reported on the 4th (local time).

Saudi state-run SPA news agency, citing local sources, reported that the Saudi Ministry of Energy intends to maintain the voluntary production cut policy of 1 million barrels per day. Accordingly, SPA forecasted that Saudi Arabia's daily oil production in November and December will be about 9 million barrels.

However, a source from the Ministry of Energy said, "We will review whether to expand the production cut next month or return to increasing production."

Saudi Arabia began voluntary production cuts of 1 million barrels per day starting in July. It then announced last month that it would extend the production cut policy until the end of the year.

Meanwhile, international oil prices have remained at their highest level of the year, recording around $90 per barrel.

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