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OPEC+ states will voluntarily cut oil output by 1.66 mln bpd in addition to current plan

The countries of the alliance stressed following today's meeting that preventive measures to reduce production are aimed at maintaining the stability on the oil market

MOSCOW, April 3. /TASS/. From May some OPEC+ countries will voluntarily cut production by 1.66 million barrels per day (bpd) in addition to the current cut of 2 million bpd from November 2022. This is according to the communique released after the meeting of the alliance's monitoring committee, published on the OPEC website.

The document also notes that the OPEC+ monitoring confirmed the commitment to the agreements reached at the meeting in October 2022 in Vienna. Then the countries of the alliance agreed to reduce oil production by 2 million bpd from the August level starting from November.

The next ministerial monitoring meeting is scheduled for June 4.

The countries of the alliance stressed following today's meeting that preventive measures to reduce production are aimed at maintaining the stability on the oil market.

According to the document, Saudi Arabia will voluntarily reduce production from May to the end of 2023 by 500,000 bpd, Iraq - by 211,000 bpd, the UAE - by 144,000 bpd, Kuwait - by 128,000 bpd, Kazakhstan - by 78,000 bpd, Algeria - by 48,000 bpd, Oman - by 40,000 bpd, Gabon - by 8,000 bpd.

Russia will extend the decision to reduce production by 500,000 barrels per day from the February average until the end of the year. The current decision is valid until the end of June.

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