Iraq, KSA, and other OPEC+ members announce voluntary output cuts

Shafaq News/ Iraq, Saudi Arabia, and other OPEC+ oil producers on Sunday announced voluntary cuts to their production, with Baghdad saying it would cut output by 210,000 barrels per day (bpd) from May until the end of 2023, oil ministry reported.

Russia’s deputy prime minister also said Moscow would extend a voluntary cut of 500,000 bpd until the end of 2023. Suadi Arabia, the United Arab Emirates, Kuwait, Oman, and Algeria said they would voluntarily cut output over the same time period.

The UAE is to cut oil production voluntarily by 144,000 barrels per day from May until the end of 2023, the energy minister said on Sunday.

Kuwait announced a cut of 128,000 bpd, while Iraq said it would cut output by 211,000 bpd, and Oman announced a cut of 40,000 bpd. Algeria said it would cut its output by 48,000 bpd.

The Saudi energy ministry said in a statement that the Kingdom's voluntary cut of 500,000 bpd is a precautionary measure aimed at

supporting the stability of the oil market.