Expert: Saudi Arabia may reduce its oil production in October

Russian energy expert Sergey Kolobanov suggested that Saudi Arabia will reduce its oil production next October by 800 to 900 thousand barrels per day, instead of one million barrels per day.

“Saudi Arabia may continue to voluntarily reduce its production, as a sharp increase in oil demand is not expected in the coming months,” Kolobanov told the Russian news agency “Novosti”.

In early August, Moscow decided to extend its oil production cut to include next September, provided that oil exports are reduced by 300,000 barrels per day.

Saudi Arabia also announced at the same time the extension of its production cut by one million barrels per day until September 2023, to support the stability of the oil market.

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