RIYADH, March 3 (Xinhua) -- Saudi Arabia announced on Sunday the extension of its voluntary cut of oil production of 1 million barrels per day to support the stability and balance of oil markets, the Saudi Press Agency reported. The reduction was implemented in July 2023 until the end of the second quarter of 2024, in coordination with some countries of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, said the Ministry of Energy, according to the report. The ministry said that the kingdom's production will be approximately 9 million barrels per day until the end of June 2024. "To support market stability, these additional cut volumes will be returned gradually, subject to market conditions," the ministry added. The ministry noted that this voluntary cut is in addition to the voluntary cut of 500,000 barrels a day previously announced by Saudi Arabia in April 2023, which extends until the end of December 2024. (Editor:Liao Yifan) |
Xinjiang aquatic products ascend to world's dinner tableFBI opens criminal investigation into Baltimore bridge collapse, AP source saysShanghai holds int'l poetry festivalWorld's first Zootopia land opens at Shanghai Disney ResortChinese university holds free feasts with 2.5 tonnes of fishShaolin Kung Fu competition enthralls martial arts enthusiasts in OceaniaChina breathes digital life into historical heritage like Great WallGermany's Scholz calls for fair competition and warns against dumping during China visitHangzhou ready to host smart Asian GamesEthnic performance nourishes soul, life in southwest China