Skip to main content

Saudi Arabia extends oil production cut in attempt to increase prices

Russia also moved to tighten supply, announcing it would reduce oil exports to 500,000 bpd in August.
Saudi Arabia's Minister of Energy Abdulaziz bin Salman looks on during a press conference after the 45th Joint Ministerial Monitoring Committee and the 33rd OPEC and non-OPEC Ministerial Meeting, Vienna, Austria, Oct. 5, 2022.

Saudi Arabia will prolong its oil production cut by one month, the Saudi Press Agency (SPA) reported on Monday, citing an official source from the kingdom’s Ministry of Energy.

The cut of around 1 million barrels per day (bpd) was initially in effect until the end of July, but it has now been extended to August, the SPA reported, two days before a key OPEC event in Austria, which will see the attendance of energy ministers from the member states as well as industry CEOs.

The Saudi Ministry of Energy source said that the cut is in addition to the voluntary cut previously announced by Saudi Arabia in April, which extends until the end of December 2024.

The source said that the latest cut “comes to reinforce the precautionary efforts made by OPEC+ countries with the aim of supporting the stability and balance of oil markets.”

Access the Middle East news and analysis you can trust

Join our community of Middle East readers to experience all of Al-Monitor, including 24/7 news, analyses, memos, reports and newsletters.


Only $100 per year.