A voluntary cut in oil production was announced by Saudi Arabia, the United Arab Emirates (UAE), Kuwait, Iraq and Oman. The measure will be applied from next May and until the end of the year.

This reduction is in addition to the one previously announced at the end of 2022, after the agreement between the OPEC member countries.

The Arab nations that have made this decision have indicated that this term was reached in conversation with other members of the organization, although they did not provide additional details.

In detail, “Saudi Arabia will apply an additional reduction of half a million barrels per day, the Emirates 144,000 barrels per day, Kuwait 128,000 barrels per day, Iraq 211,000 and Oman 40,000.”

These reductions in oil production, as the main objective, contribute to market stability, in addition to “achieving a balance between supply and demand” in the global arena.

M.Pino

Source: swissinfo

(Reference image source: Unsplash, in collaboration with Getty Images)

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