Posted: 04.04.2023 11:43:00

UAE, Oman, Kuwait, Iraq and Algeria to voluntarily cut oil production

The UAE, Oman, Kuwait, Iraq and Algeria intend to cut their crude oil production from May until the end of 2023 in co-ordination with other OPEC+ countries, RIA Novosti reports


UAE Minister of Energy and Infrastructure Suhail Mohamed Al Mazrouei, quoted by the UAE state agency WAM, said that the country is cutting production by 144,000 barrels per day.

The Energy Ministry of Oman informed that the Sultanate will voluntarily reduce its oil production by 40,000 barrels per day. Kuwait’s Energy Ministry announced a reduction in production by 128,000 barrels while the Algerian Energy Ministry said that it will voluntarily cut its oil production by 48,000 barrels. In turn, Iraq has decided to cut 211,000 barrels of oil per day.

The Saudi state agency SPA previously reported that Saudi Arabia would reduce production by 500,000 barrels per day.