The main oil producers in the "OPEC Plus" alliance, namely: Saudi Arabia, Russia, Iraq, the Emirates, Kuwait, Kazakhstan, Algeria and the Sultanate of Oman, announced a voluntary reduction in oil production by 1.649 million barrels per day, starting from the beginning of next May until the end of 2023, and the share of Saudi Arabia and Russia from the voluntary reduction amounted to 500 thousand barrels per day for each of them.
An official source at the Ministry of Energy in the Kingdom of Saudi Arabia stated that the Kingdom will implement a voluntary reduction in its crude oil production of 500,000 barrels per day, starting from May until the end of 2023, in coordination with a number of countries participating in the declaration of cooperation from OPEC members and from outside.
The source indicated that this voluntary production reduction is in addition to the production reduction agreed upon at the thirty-third ministerial meeting of OPEC member states and non-OPEC producing countries (OPEC Plus), which was held on October 5, 2022.
Russian Deputy Prime Minister Alexander Novak said: "Moscow will extend a voluntary cut of 500,000 barrels per day until the end of 2023."
And the Iraqi Oil Ministry announced a voluntary production cut of 211,000 barrels per day from next May until the end of 2023.
The UAE Minister of Energy and Infrastructure, Suhail Al Mazrouei, said that the UAE will voluntarily reduce its oil production by 144,000 barrels per day.
Kuwaiti Deputy Prime Minister and Oil Minister Badr Al-Mulla confirmed that Kuwait will voluntarily reduce its oil production by 128 thousand barrels per day.
Kazakhstan announced a voluntary cut of 78,000 barrels per day.
Algeria said it would cut its production by 48,000 barrels per day.
The Omani News Agency said on Twitter that the Sultanate of Oman will voluntarily cut 40,000 barrels per day of crude oil from next May until the end of this year, in coordination with some of the countries participating in the “OPEC Plus” agreement.
Okaz (Jeddah) @okaz_online
