Saudi Arabia, Six Other OPEC+ Members Announce Surprise New Oil Production Cuts


oil pump petroleum gas

(Worthy News) – Saudi Arabia and half a dozen other members of OPEC+ announced on Sunday that they plan to cut up to a combined 1.15 million barrels of oil a day from May until the end of 2023, calling the decision a “precautionary measure” aimed at ensuring market stability.

The unexpected move comes six months after a decision to cut production by two million barrels a day, also through the end of 2023, sparked a serious diplomatic spat between the Biden administration and the kingdom.

The seven producers each issued separate but evidently orchestrated announcements about their “voluntary” reduction plans. Iraq by 211,000, the United Arab Emirates by 144,000, Kuwait by 128,000, Algeria by 48,000 and Oman by 40,000 barrels a day. [ Source: CNS News (Read More…) ]

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