Riyadh, March 3 (Xinhua) - Saudi Arabia's voluntary production reduction of 1 million barrels per day, which began in July 2023, will be extended until the end of June this year, according to sources from the Saudi Ministry of Energy, as reported by Saudi Arabian News Agency on March 3.

The report states that after the production reduction measures are extended, Saudi Arabia's daily oil production will be around 9 million barrels. Afterwards, these additional production reduction measures will gradually be adjusted according to market conditions.

The report states that the voluntary production reduction measure is an additional production reduction announced by Saudi Arabia in April 2023, aimed at supporting the "OPEC+" countries composed of OPEC member states and non OPEC oil producing countries in their "preventive efforts" to maintain stability and balance in the international oil market.

Saudi Arabia announced in April 2023 that it would reduce its daily oil production by 500000 barrels starting from May of that year. On June 4, 2023, Saudi Arabia announced after the 35th OPEC+ministerial meeting that it will reduce production by an additional 1 million barrels per day for an additional month in July. Afterwards, Saudi Arabia postponed this additional production reduction measure several times until the end of March this year.