Iraq, Algeria, Saudi Arabia, the United Arab Emirates and Kuwait announced cuts in oil production on Sunday, with the Gulf oil giants citing a “precautionary measure” aimed at stabilizing the market. Riyadh, Abu Dhabi and Kuwait will cut production by a total of 772,000 barrels per day (bpd) from May until the end of the year, the three Gulf countries said in statements issued by their respective official media.
Iraq, a major oil-producing country, also announced on Sunday a 211,000 bpd cut in its production effective May 1. Algiers, for its part, is carrying out “a voluntary reduction of 48,000 barrels per day, from May to the end of 2023, in coordination with certain member and non-OPEC member countries,” according to a press release from the Ministry of Foreign Affairs. Foreign of Algeria. Relaciones Exteriores Energie, absorbed by the local agency APS.
Moscow extends its reduction
For its part, Moscow -a member of OPEC+- has announced that it will extend the reduction in its crude production by 500,000 bpd until the end of the year, according to a press release by the Deputy Prime Minister for Energy, Alexandre Novak, who evokes a period of “uncertainty” in the black gold market.
Source: BFM TV
