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Saudi Arabia cuts oil output to 8.98 mbd in August — IEA

The KSA started voluntarily reducing output by 1 mln barrels per day in July, planning to extend the measure until the end of the year

MOSCOW, September 13. /TASS/. Saudi Arabia fully met its voluntary output reduction by 1 mln barrels per year in August 2023, cutting production to 8.98 mln barrels per day, according to the International Energy Agency’s (IEA) report.

The kingdom slashed production by 100,000 barrels per day to 8.98 mln barrels per day in August, while in the previous month the reduction totaled 900,000 barrels per day, according to figures provided by the agency. Consequently, Saudi Arabia fully reached the announced level of reduction by 1 mln barrels per day last month.

Saudi Arabia started voluntarily reducing output by 1 mln barrels per day in July, planning to extend the measure until the end of the year. Meanwhile starting October until December the country will revise its decision each month depending on the situation on the market.