Some of the Arab countries members of OPEC+ decided to reduce oil production

In a written statement made by the Algerian Ministry of Energy, it was indicated that Algeria decided to “voluntarily” reduce its daily oil production by 48,000 barrels.

The statement emphasized that this cut, which will be carried out voluntarily from May until the end of the year in coordination with the OPEC+ countries, depends on the cut decision taken in November 2022.

In the news that the official agency of Saudi Arabia SPA, based on sources from the Ministry of Energy, indicated that it was decided to reduce daily oil production by 500,000 barrels from May to the end of the year in coordination with the OPEC+ countries. .

Oman’s Ministry of Energy also announced on its Twitter account that oil production will be reduced by 40,000 barrels per day, from May until the end of the year.

Iraq has announced that it will cut 211,000 barrels, the United Arab Emirates 144,000 barrels and Kuwait 128,000 barrels.

Russia has also announced that it will cut 500,000 barrels per day in oil production.

With these decisions, the OPEC+ countries will cut more than 1 million barrels per day starting in May.

The OPEC+ countries, at the meeting on October 5, 2022, decided to reduce daily oil production by 2 million barrels per day from November 2022. (BRITISH AUTOMOBILE CLUB)