Industry sources said that Saudi Arabia plans to cut its oil production by three hundred thousand barrels a day next month to be added to the reduction of OPEC’s decision in order to support oil prices.

Saudi Arabia had cut production this month to eight million barrels per day, according to OPEC’s agreement to reduce production starting from the beginning of this month.

 
However, the production cut did not help in raising oil prices, which reached the forty dollars a barrel, the highest ever level it reached in the mid-July, is 147.27 dollars a barrel.

 
The sources said that Saudi Arabia will reduce the quantity of production of additional three hundred thousand barrels a day next month to up production to 7.7 million barrels a day.

 
It is noteworthy that Saudi Arabia has raised production in August to 9.7 million barrels a day to calm the individual oil prices.

 
ًWith the new reduction ,Saudi Arabia has reduced their exports by a fifth after an economic recession in the world in the fall in demand.

 
OPEC decided last month to cut output by 2.2 million barrels a day to bring the total reduction since the decision of September to 4.2 million barrels per day, or about 5% of the world’s supply.