Saudi Arabia, UAE, Kuwait and other OPEC nations to voluntarily cut oil output significantly: Report

The decision by Saudi Arabia, the world's largest exporter of crude oil, to cut its production is significant as it can have a ripple effect on the global oil market

Updated Apr 2, 2023 8:42 PM IST

Saudi Arabia, UAE, Kuwait and other OPEC nations to voluntarily cut oil output significantly: Report

FILE PHOTO: Flames are seen at the production facility of Saudi Aramco's Shaybah oilfield in the Empty Quarter, Saudi Arabia

On Sunday, Saudi Arabia and other members of the OPEC+ oil producers announced voluntary cuts to their oil production in an effort to support the stability of the oil market. According to state media, Saudi Arabia will be cutting its oil output by 500,000 barrels per day (bpd) from May until the end of 2023.

Russia's deputy prime minister also confirmed that Moscow will be extending its voluntary cut of 500,000 bpd until the end of 2023.

Other OPEC+ members, including the United Arab Emirates, Kuwait, Iraq, Oman, and Algeria, also announced voluntary production cuts over the same time period.

The UAE said it will be cutting its production by 144,000 bpd, while Kuwait announced a cut of 128,000 bpd. Iraq will be cutting output by 211,000 bpd, Oman by 40,000 bpd, and Algeria by 48,000 bpd.

The decision to cut production was reportedly made as a precautionary measure to prevent any instability in the global oil market.

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Pranav Dixit

I don’t just chase stories, I shape them. As an editor and journalist deeply immersed in both technology and luxury, I bring a sharp eye for detail, a bias for clarity over cliché, and a knack for finding the narrative that others miss. Whether I’m unpacking a flagship device or exploring the craftsmanship behind a heritage brand, I approach every piece with precision and purpose.

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Published on: Apr 2, 2023 8:10 PM IST

Saudi Arabia, UAE, Kuwait and other OPEC nations to voluntarily cut oil output significantly: Report

The decision by Saudi Arabia, the world's largest exporter of crude oil, to cut its production is significant as it can have a ripple effect on the global oil market

ABOUT THE AUTHOR

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