In a written statement from the Algerian Ministry of Energy, it was stated that Algeria decided to “voluntarily” reduce its daily oil production by 48 thousand barrels.
In the statement, it was emphasized that this cut, which will be made voluntarily from May to the end of the year in coordination with OPEC+ countries, depends on the cut decision taken in November 2022.
In the news that Saudi Arabian official agency SPA, based on the sources of the Ministry of Energy, it was stated that it was decided to reduce daily oil production by 500 thousand barrels from May to the end of the year in coordination with OPEC+ countries.
The Oman Ministry of Energy also announced on its Twitter account that oil production will be reduced by 40,000 barrels a day, starting from May until the end of the year.
Iraq announced that it will cut 211,000 barrels, UAE 144,000 barrels, and Kuwait 128 thousand barrels.
Russia has also announced that it will cut 500,000 barrels per day in oil production.
With these decisions, OPEC+ countries will cut more than 1 million barrels per day as of May.
OPEC+ countries, at the meeting on October 5, 2022, decided to reduce daily oil production by 2 million barrels a day from November 2022.