Saudi Arabia has announced it will extend voluntary oil production cuts until the end of 2023

On September 5, local time, according to the Saudi Ministry of Energy, Saudi Arabia announced that it will extend the oil production reduction measures of 1 million barrels per day until the end of 2023.

On April 2 this year, Saudi Arabia announced that it would cut oil production by 500,000 barrels per day from May to the end of the year. On June 4, Saudi Arabia announced again after the 35th ministerial meeting of "Opec +" that Saudi Arabia would reduce production by an additional 1 million barrels per day in July, and subsequently extended it several times. After two production cuts, Saudi crude oil production has been reduced to about 9 million barrels per day since July.