Major oil producers announce voluntary cuts

The major oil producers in the OPEC Plus alliance announced voluntary reductions in production during the first and second quarters of the current year.

Russian Deputy Prime Minister Alexander Novak said that his country will reduce oil production and exports by an additional 471,000 barrels per day in the second quarter of this year in coordination with some member states of the coalition.

In turn, Saudi Arabia announced the extension of its voluntary reduction by one million barrels per day until the end of June, bringing its production to about nine million barrels per day.

According to the Saudi News Agency “SPA”, an official source in the Ministry of Energy said: In support of market stability, these additional reduction amounts will be restored gradually according to market conditions.

For its part, Kuwait said that it would reduce its oil production by 135 thousand barrels per day until June, and the UAE announced the extension of its voluntary production reduction by 163 thousand barrels per day, and Algeria also announced a reduction in its production by 51 thousand barrels per day, and Oman said that it would reduce production by 42 thousand. barrels per day, and Iraq also announced the extension of the voluntary reduction in oil production by 220 thousand barrels per day during the second quarter.

It is noteworthy that the countries of the “OPEC Plus” group, which includes the oil countries that are members and non-members of the “OPEC” organization, agreed in November 2022 to reduce oil production in order to maintain the stability of the oil markets, and the deal stipulates reducing oil production by two million barrels per day. Until the end of 2024, some members of the group, led by Russia and Saudi Arabia, will also voluntarily reduce production in addition to the agreed upon volumes.

The next meeting of OPEC+ countries is scheduled to be held in Vienna on June 1, 2024.

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