Saudi, other Opec+ states announce oil output cuts
OIL AND GAS NEWS
Saudi Arabia will implement a voluntary cut of 500,000 barrels per day from May till the end of 2023 in coordination with some other OPEC and non-OPEC Participating Countries in the Declaration of Cooperation.
This voluntary cut is in addition to the reduction in production agreed at the 33rd OPEC and non-OPEC Ministerial Meeting on October 5, 2022, said a Ministry of Energy official.
The official emphasised that this is a precautionary measure aimed at supporting the stability of the oil market.
Meanwhile, Russia also has announced a voluntary cut of 500,000 bpd until the end of 2023. The UAE, Kuwait, Iraq, Oman and Algeria said they would voluntarily cut output over the same time period.
The UAE said it would cut production by 144,000 bpd, Kuwait has announced a cut of 128,000 bpd, while Iraq said it would cut output by 211,000 bpd. Oman has announced a cut of 40,000 bpd.
