Saudi Arabia, Russia, Uae, Iraq, Kuwait, Oman And Algeria To Cut Oil Production Output Until The End Of 2023

Saudi Arabia and other OPEC+ oil producers, including Russia, the United Arab Emirates, Kuwait, Iraq, Oman, and Algeria, have decided to voluntarily reduce their oil production.

The goal is to support the stability of the oil market. Saudi Arabia will reduce its output by 500,000 barrels per day, while other countries will also cut their production, with varying amounts, from May until the end of 2023.