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Saudi Arabia will continue to cut additional oil production in August

Saudi Arabia has decided to continue the additional production cut of 1 million barrels per day in oil in August.

According to the news of the Saudi Arabian official agency SPA, the country has decided to extend the 1 million barrels per day oil production cut that it had voluntarily implemented in July, to include August.

With the decision, Saudi Arabia’s daily oil production will be around 9 million barrels per day in August.

The cut is in addition to the voluntary production cut that the country announced in April and will continue until the end of December 2024.

Saudi Arabian Energy Minister Abdulaziz bin Salman made a statement after the 35th OPEC+ Ministerial Meeting held in Vienna, the capital of Austria, on June 4, he stated that his country would voluntarily cut an additional oil production of 1 million barrels per day for the month of July, and that this cut could be extended depending on the situation.

Russia to reduce oil exports by 500 thousand barrels per day

According to the news in the Russian news agency TASS, Russian Deputy Prime Minister Aleksandr Novak announced that his country voluntarily decided to reduce oil exports by 500 thousand barrels per day in August.

Novak had previously announced that Russia had decided to reduce oil production by 500,000 barrels a day in March, which was later extended until the end of the year.

According to TASS, the new decision affects exports more than production.

Source: Trthaber / Prepared by Irem Yildiz

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