Saudi Arabia has extended its Voluntary oil production cut of 1 million barrels per day until the end of the year. The cut was first implemented in July and has been extended on a monthly basis. This reduction adds to other voluntary crude output declines by OPEC members until the end of 2024. Russia, a key oil producer, has also pledged to voluntarily reduce exports. The cuts are described as voluntary because they are outside of OPEC's official policy. Saudi Arabia faces the challenge of balancing production cuts with the impact on its crude-reliant economy.

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