Iran Press/ Middle East: The cuts, starting in May and lasting until the end of 2023, are expected to support global oil prices.
In particular, Saudi Arabia and Iraq have started reducing oil production by 500,000 barrels per day (bpd) and 211,000 bpd respectively. Meanwhile, the UAE, Kuwait, and Kazakhstan are slashing production of oil by 144,000 bpd, 128,000 bpd, and 78,000 bpd respectively.
Algeria and Oman have also joined the voluntary output reduction, with the former cutting production of crude by 48,000 bpd and the latter by 40,000 bpd. Gabon will see its output reduced by 8,000 bpd.
Earlier this year, Russia’s Deputy Prime Minister Alexander Novak said that Russian producers would extend a voluntary reduction in oil output of 500,000 bpd from the average February level until the end of the current year.
The total oil output downfall is expected to amount to 1.66 million barrels per day.
207
Read more:
OPEC +, showing power with energy card
OPEC+ cut risks straining tight oil market: IEA
