Saudi Arabia announced Tuesday extending voluntary reduction in oil production of one million barrels per day, until end of 2023.
According to Saudi Press Agency, Ministry of Energy said that production rate in the coming three months will be at nine million barrels per day, after extending the reduction rate that started last July.
It said the decision's impact would be studied month by month to decide whether to reduce production further or to increase it.
The step is part of OPEC+ countries' efforts to support oil market stability.
Source: Kuwait News Agency