OPEC producers announce voluntary oil output cuts

OPEC+ oil producers agree to cut production by 500,000 bpd from May until end of 2023.

OPEC producers announce voluntary oil output cuts

Saudi Arabia and other OPEC+ oil producer announced voluntary cuts in their production on Sunday. State media reported that Riyadh would reduce output by 500,000 barrels per hour (or bdp) from May to the end of 2023.

Russia's deputy prime Minister also stated that Moscow would continue a voluntary reduction of 500,000 barrels per day until 2023. Kuwait, Oman, Oman, Oman, and the United Arab Emirates all said that they would cut their output during the same period.

The UAE announced it would reduce production by 144,000 bpd. Kuwait announced a cut at 128,000 bpd. Iraq claimed it would reduce output by 211,000, while Oman said it would reduce production by 40,000 bpd. Algeria stated that it would reduce its output by 48,000 BPD.