Some OPEC+ countries, including the largest oil producer - Saudi Arabia, from May 2023 began reducing oil production, which will last until the end of 2023, TASS news agency reported on Monday.
The total reduction in production will amount to 1.66 million barrels per day (bpd).
Nine OPEC+ Countries Announce Further Production Restrictions; Saudi Arabia to Reduce Voluntarily by 500K bpd, Iraq 211K bpd, UAE 144K bpd, Kuwait 128K bpd, Kazakhstan 78K bpd, Algeria 48K bpd, Oman 40K bpd, and Gabon 8K bpd.
Russia extends production reduction by 500k bpd till end of year from February average values.
The voluntary production cut will be in addition to OPEC+'s current 2m bpd reduction plan, which has been in place since November 2022.
The Organization of the Petroleum Exporting Countries Plus (OPEC+) is a loosely affiliated entity consisting of the 13 OPEC members and 10 of the world's major non-OPEC oil-exporting nations, namely Azerbaijan, Bahrain, Brunei, Kazakhstan, Malaysia, Mexico, Oman, Russia, Sudan and South Sudan.
OPEC+ aims to regulate the supply of oil to set the price on the world market.