Saudi Arabia Maintains Oil Production Cuts

Saudi Arabia has confirmed that it will maintain a production cut of 1 million barrels of oil per day through the end of the year, as reported by the Associated Press (AP).

The production cuts, initially announced by Saudi Arabia and Russia in July, have led to increased prices at the pump, bolstered Moscow's financial resources, and helped in mitigating global inflation. I Photo: Aramco China

This announcement could bolster oil prices, which are currently hovering around $90 per barrel.

The production cuts, initially announced by Saudi Arabia and Russia in July, have led to increased prices at the pump, bolstered Moscow's financial resources, and helped in mitigating global inflation.

The Saudi Energy Ministry reaffirmed these cuts, stating in a brief statement posted on its website on Wednesday and attributed to "an official source" that they would continue through the end of the year.

It was further mentioned that the kingdom would maintain a production level of 9 million barrels per day in both November and December.

The benchmark US crude oil for November delivery saw a 41-cent increase, reaching $89.23 per barrel on Tuesday. Meanwhile, Brent crude for December delivery rose by 21 cents to $90.92 per barrel.

Saudi Arabia is relying on high oil prices to support Vision 2030, an ambitious plan led by Crown Prince Mohammed bin Salman aimed at revitalizing the economy, reducing the kingdom's dependence on oil, and creating employment opportunities for its young population.

WEEKLY FEATURE : Jose Mari Chan And The Christmas Anthem