Saudi Arabia, the largest exporter of crude oil in the world, has announced that it will extend its voluntary production cut of 1 million barrels per day for an additional three months. The country's production will remain at around 9 million barrels a day until the end of March 2024. This decision was made after Saudi officials met with other major oil-producing nations in Vienna. The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, met to discuss further cuts to oil supply. Following this announcement, global oil benchmark Brent crude and US benchmark West Texas Intermediate (WTI) crude experienced a slight decline in prices. The ministerial meeting, originally scheduled for Sunday, was postponed until Thursday without providing a reason. The delay was reportedly due to disagreements over production levels among some members. Despite efforts to reduce output, Brent and WTI prices have fallen by 13% and 16% respectively since their peak in late September. These price declines have been influenced by record crude oil production in the United States and concerns about declining global demand, particularly in China.
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