MOSCOW, August 11. /TASS/. Saudi Arabia cut oil production in July by 920,000 barrels per day (bpd) from a reported voluntary cut of 1 million bpd. This is according to the August report of the International Energy Agency (IEA).

The volume of production by the kingdom in July amounted to 9.06 million bpd.

According to the IEA, the volume of oil production in Russia for the first time in a long time was higher than in Saudi Arabia - 9.4 million bpd (-50,000 bpd against June).

In addition to the voluntary cut in production by 1 million bpd, Saudi Arabia has been reducing production by 500,000 bpd since May until the end of 2024 as part of an agreement with a number of OPEC+ countries. After the ministerial meeting of OPEC + 4 in Vienna on June 4, Saudi Arabia announced a voluntary reduction in oil production by 1 mln bpd in July. This measure was then extended to August and September, with the possibility of extending and increasing the reduction. The Saudi Press Agency reported citing the Ministry of Energy of Saudi Arabia that the additional reduction in production is a preventive measure aimed at maintaining the stability and balance of the oil market.