OPEC+ states to further cut oil production ...News

Overall volume of voluntary output reduction is expected to total 1.66 million barrels per day Several members of the OPEC+ group, including Saudi Arabia and Russia, the cartel’s two biggest oil producers, have begun reducing crude output. The cuts, starting from May and lasting until the end of 2023, are expected to support global oil prices. In particular, Saudi Arabia and Iraq have started reducing oil production by 500,000 barrels per day (bpd) and 211,000 bpd respectively. Meanwhile, the UAE, Kuwait and Kazakhstan are slashing production of oil by 144,000 bpd, 128,000 bpd and 78,000 bpd respectively. Algeria

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