‎“OPEC +”: The voluntary oil production cut will be 1.66 million ‎barrels

The statement of the Joint Ministerial Monitoring Committee of the “OPEC +” alliance stated that the additional voluntary reduction in oil production will be 1.66 million barrels per day.

According to Al-Arabiya; the members of the Joint Ministerial Committee for Production Monitoring in “OPEC Plus” reaffirmed their commitment to the declaration of cooperation that will continue until the end of 2023 AD, as agreed upon at the thirty-third ministerial meeting of OPEC member states and participating countries from outside it, which took place on October 5 2022 AD.

The meeting noted the following voluntary production adjustments announced on April 2, 2023 by the Kingdom of Saudi Arabia (by 500,000 barrels per day), the Republic of Iraq (by 211,000 barrels per day), and the United Arab Emirates (by 144,000 barrels per day), and the State of Kuwait (by 128 thousand barrels per day).

The Republic of Kazakhstan will also reduce (by 78 thousand barrels per day), the Republic of Algeria (by 48 thousand barrels per day), the Sultanate of Oman (by 40 thousand barrels per day), and the Republic of Gabon (by 8 thousand barrels per day), which will be applied starting from the month May until the end of 2023 AD. These adjustments will be in addition to the production adjustments agreed upon at the thirty-third ministerial meeting of OPEC member states and participating countries from outside.

The statement stated that the aforementioned amendments will be in addition to the voluntary amendment announced by the Russian Federation, by 500 thousand barrels per day, until the end of 2023 AD, which will be from the average production levels as estimated by secondary sources for the month of February 2023 AD.

The meeting indicated that this step is a precautionary measure aimed at supporting the stability of the oil markets

The forty-ninth meeting of the Joint Ministerial Committee for Production Control is scheduled to be held in June 2023.