Today .. “OPEC +” begins a voluntary reduction in oil ‎production by more than 1.65 million bpd

Today, Monday, oil production cuts of more than 1.65 million barrels per day will come into force, based on a decision taken last month by the OPEC + coalition, namely Saudi Arabia, Russia, Iraq, the Emirates, Kuwait, Kazakhstan, Algeria and the Sultanate of Oman, in addition to Gabon, and the share of Saudi Arabia and Russia from the voluntary cut amounted to 500 thousand barrels per day each of them.

The Ministry of Energy said that this step is a precautionary measure aimed at supporting the stability of oil markets

And oil prices fell today, Monday, amid concerns about the economic impact of a possible interest rate hike by the Federal Reserve (the US Central Bank) and weak Chinese manufacturing data, which are two factors sufficient to cover up any support for oil prices from the new production cuts of OPEC + that entered into effect this month.

It is noteworthy that the following voluntary production adjustments were announced on April 2, 2023 by Saudi Arabia (by 500 thousand barrels per day), the Republic of Iraq (by 211 thousand barrels per day), the United Arab Emirates (by 144 thousand barrels per day), and the State of Kuwait (128 thousand barrels per day), the Republic of Kazakhstan (78 thousand barrels per day), the Republic of Algeria (48 thousand barrels per day), the Sultanate of Oman (40 thousand barrels per day), the Republic of Gabon (8 thousand barrels daily), which will be applied from today, Monday, 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 it.