Reports suggest that Saudi Arabia is gearing up to extend its oil production cuts into the next year, considering additional reductions as a response to declining oil prices and growing dissatisfaction over the Israel-Gaza conflict.

According to the Financial Times, with prices hitting a four-month low at $77 (£61.6) a barrel, sources familiar with the Saudi Government’s discussions indicated a high likelihood of extending the current one million barrel per day cut, possibly until spring.

Originally implemented as a temporary measure during the summer, the voluntary cut, part of broader measures by OPEC+, is set to expire at the end of this year.

It is emphasised that no final decision has been reached, according to individuals close to Saudi considerations.