Saudi Arabia, UAE, Iraq and allies announce surprise oil production cuts – The National
- Date: 02-Apr-2023
- Source: The National
- Sector:Oil & Gas
- Country:Saudi Arabia
Saudi Arabia, UAE, Iraq and allies announce surprise oil production cuts – The National
Opec+ members Saudi Arabia, the UAE, Kuwait and Algeria will implement voluntary oil production cuts exceeding more than one million barrels per day from May until the end of the year as a precautionary measure aimed at supporting the stability of the oil market.
he group of 23-oil producing countries, which slashed its collective output by 2 million barrels per day last year, was expected to stick to the agreed production levels at its upcoming meeting on Monday.
Saudi Arabia, the world’s biggest oil exporter and Opec's largest producer, will cut its output by 500,000 bpd from May until the end of the year, the Ministry of Energy said on Sunday.
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