Saudi Arabia, Algeria, and Kuwait Extend “Voluntary Cut” in Oil Production for Another 3 Months

The Organization of the Petroleum Exporting Countries (OPEC) and the OPEC+ group, comprising some non-OPEC producer nations, have announced the decision of Saudi Arabia and Kuwait to extend the voluntary cut in oil production for an additional three months.

According to a statement from the Saudi Arabian Ministry of Energy, the voluntary production cut has been extended until the end of June, with a commitment to daily production of 9 million barrels.

The Algerian Ministry of Energy also released information regarding the production cut. The statement indicated a daily reduction of 51,000 barrels in Algeria’s oil production, with an expected daily production reaching 908,000 barrels.

The Kuwait News Agency (KUNA) reported that the voluntary cut has been postponed until the end of June, with a reduction of 135,000 barrels per day, resulting in a daily production of 2,413,000 barrels of oil.

This decision by Saudi Arabia, Algeria, and Kuwait to continue the voluntary reduction underscores the ongoing efforts among major oil-producing nations to stabilize global oil markets and address the challenges posed by fluctuating demand and geopolitical factors. The extension aims to contribute to maintaining a balance between oil supply and demand, ultimately supporting market stability in the face of uncertainties in the global energy landscape.

source: prepared by Melisa Beğiç

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