As the oil and gas industry faces volatility, Saudi Arabia has announced that it will cut its daily oil output by 500,000 barrels per day.
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This development came as other OPEC+ oil producers also, on Sunday announced voluntary cuts to their production from May until the end of 2023.
News monitored on Reuters also noted that Russia’s deputy prime minister also said Moscow would extend a voluntary cut of 500,000 bpd until the end of 2023.
The United Arab Emirates, Kuwait, Iraq, Oman, and Algeria said they would voluntarily cut output over the same period.
The UAE said it would cut production by 144,000 bpd, 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 was a precautionary measure aimed at supporting the stability of the oil market.
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