Saudi Arabia, Algeria, Kuwait extend oil production cuts for 3 months

Saudi Arabia, Algeria, Kuwait extend oil production cuts for 3 months

ALBAWABA - Recent pronouncements indicate that Kuwait, Algeria, and Saudi Arabia have decided to prolong their "voluntary cuts" in oil output for an extra three months. These nations, which comprise the OPEC member Saudi Arabia and Kuwait as well as a number of non-OPEC members that make up the OPEC+ group, are said to have chosen to extend the cuts in oil production. The voluntary production restrictions will now last until the end of June, with a daily output target set at 9 million barrels, according to announcements from the Saudi Arabian Ministry of Energy. In a similar vein, the Algerian Ministry of Energy revealed information about the reductions, citing a daily drop of 51,000 barrels with an anticipated daily output level of 908,000 barrels.  The voluntary reductions will now be delayed until the end of June, according to Kuwait News Agency (KUNA). This will result in a daily production output of 2.413 million barrels, a decline of 135,000 barrels. 

Saudi Arabia, Algeria, Kuwait extend oil production cuts for 3 months