Saudi Arabia to take wait-and-see approach to oil cuts — Energy Minister

Business & Economy July 06, 2023, 21:38

The country previously decided to voluntarily reduce oil production by one million barrels per day in July and then extended that to August

VIENNA, July 6. /TASS/. Saudi Arabia will revisit the country’s decision to voluntarily cut oil production by one million barrels daily after August, Energy Minister Prince Abdulaziz bin Salman said on the sidelines of the OPEC International Seminar.

"We will see then," the Minister said.

Saudi Arabia previously decided to voluntarily reduce oil production by one million barrels per day in July and then extended that to August.

The voluntary reduction comes in addition to an earlier decision to slash production by 500,000 barrels per day and the Kingdom will hence lower its oil production by 1.5 mln barrels per day in each of July and August.

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