OPEC+ announces surprise oil production cuts
Saudi Arabia and other OPEC+ oil producers have announced voluntary cuts to their production amounting to about 1.15 million barrels per day (bpd), calling it a “precautionary measure” aimed at market stability, Al Jazeera reports.
OPEC+ announces surprise oil production cuts
The Economics of Geography

OPEC+ announces surprise oil production cuts

Photo: iStock
Eurasia 04/04/2023 14:54

Saudi Arabia and other OPEC+ oil producers have announced voluntary cuts to their production amounting to about 1.15 million barrels per day (bpd), calling it a “precautionary measure” aimed at market stability, Al Jazeera reports.

In October, OPEC+, which comprises the Organization of the Petroleum Exporting Countries and 10 allies led by Russia, agreed on output cuts of 2 million bpd from November, angering Washington because tighter supply boosts oil prices, the news site recalls. Sunday’s unexpected voluntary cuts, which start from May, come in addition to the ones already agreed in October, it adds.
Source: AFP/Science Photo
The US has been asking Saudi Arabia and other allies to increase production as it tries to bring down prices and squeeze Russia's finances, but to no avail, DW adds.

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