What analysts are saying about the surprise output cut of Opec+ – The National
- Date: 04-Apr-2023
- Source: The National
- Sector:Oil & Gas
- Country:Saudi Arabia
What analysts are saying about the surprise output cut of Opec+ – The National
Members of the 23-member Opec+ alliance of oil producers made a surprise announcement of cuts on Sunday as a precautionary move to stabilise crude prices.
Saudi Arabia, the UAE, Iraq, Kuwait, Algeria, Oman, Kazakhstan and Gabon will together cut output by more than 1 million barrels of crude a day from May until the end of this year.
Russia said the 500,000 bpd cut it was making from March to June would continue until the end of the year. This takes the output cut to over 1.66 million bpd by the end of this year in addition to the 2 million bpd production cut implemented at the end of last year.
Select Sector 
Select Country 
