Minister of Oil and Gas of the Government of National Unity, Mohamed Aoun, has welcomed Saudi Arabia's decision to extend the voluntary reduction of its oil production by one million barrels per day.
Aoun stressed, in a statement, that the decision is a positive step for the balance of the market between global producers and consumers, and also for the global economy in general, according to the ministry's Facebook post.
Saudi Press Agency quoted a source at the Saudi’s Ministry of Energy as saying that Saudi Arabia will extend the production cut, which it began implementing in July, for another month, to include the month of August, with the possibility of extending it further, in order to "enhance the precautionary efforts made by the OPEC Plus countries, with the aim of supporting the stability and balance of oil markets.’
Economy
