Kuwait, UAE, Saudi, and Iraq Set to Slash Oil Production

Kuwait, UAE, Saudi, and Iraq Set to Slash Oil Production

KUWAIT CITY, Nov 30: Kuwait will implement a voluntary crude oil production cut of 135,000 barrels per day for three months starting January 1, 2024, according to First Deputy Prime Minister and Minister of Oil Dr. Saad Al-Barrak. This decision, made in coordination with other OPEC+ producers, will bring Kuwait’s oil production to 2.413 million …

<p>The post Kuwait, UAE, Saudi, and Iraq Set to Slash Oil Production first appeared on ARAB TIMES - KUWAIT NEWS.</p>KUWAIT CITY, Nov 30: Kuwait will implement a voluntary crude oil production cut of 135,000 barrels per day for three months starting January 1, 2024, according to First Deputy Prime Minister and Minister of Oil Dr. Saad Al-Barrak. This decision, made in coordination with other OPEC+ producers, will bring Kuwait’s oil production to 2.413 million bpd until the end of March 2024. Al-Barrak emphasized that this reduction is an addition to the previously announced cut of 128,000 bpd in April 2023, set to continue until the end of 2024. These measures aim to proactively stabilize and balance the oil market, he noted.

The United Arab Emirates also that it will reduce its oil production by 163000 barrels per day, starting from January 1, 2024 until the end