LONDON: Saudi Arabia, the UAE, Kuwait and Iraq were among several countries who announced a voluntary cut to oil production on Sunday.
Saudi Arabia said it would cut oil production by 500,000 barrels per day from May until end of 2023.
The Saudi energy ministry said in a statement that the Kingdom's voluntary cut was a precautionary measure aimed at supporting the stability of the oil market.
Other OPEC+ oil producers on Sunday also announced voluntary cuts to their production, with Russia’s deputy prime minister also saying Moscow would extend a voluntary cut.
Oman and Algeria join the countries making a cut.
Kuwait's energy ministry said they will voluntarily cut oil production by 128,000 barrels per day, starting from May until the end of 2023, according to state media.
“This voluntary cut is a precautionary measure in addition to the reduction in production agreed at the 33rd OPEC and non-OPEC ministerial meeting on October 5, 2022,” Kuwait’s oil minister Bader Al-Mulla, said.
* With Reuters
