The Saudi energy minister said it was a precautionary measure to support the stability of the oil market.
An employee pumps fuel into a car at a Shell petrol station in Nairobi, Kenya, September 20, 2018. REUTERS/Baz Ratner/File Photo
DUBAI, April 2 - Saudi Arabia and other OPEC+ oil producers on Sunday announced voluntary cuts to their production, with Riyadh saying it would cut output by 500,000 barrels per day from May until the end of 2023, state media reported. Russia's deputy prime minister also said Moscow would extend a voluntary cut of 500,000 bpd until the end of 2023. The United Arab Emirates, Kuwait, Iraq, Oman and Algeria said they would voluntarily cut output over the same time period.
The UAE said it would cut production by 144,000 bpd, Kuwait announced a cut of 128,000 bpd while Iraq said it would cut output by 211,000 bpd and Oman announced a cut of 40,000 bpd. Algeria said it would cut its output by 48,000 bpd. 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.Our Standards:
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Saudi Arabia to invite Syria's Assad to Arab leaders summit, sources saySaudi Arabia is planning to invite Syrian President Bashar al-Assad to an Arab League summit that Riyadh is hosting in May, three sources familiar with the plans said, a move that would formally end Syria's regional isolation.
Read more »
Alonso seeks 33rd Formula 1 win after 100 podium finishes - AutoblogAfter claiming his 100th podium in Saudi Arabia, Fernando Alonso is looking for an even better result at Sunday's Australian Grand Prix
Read more »
Most Middle Eastern bourses in black on US inflation dataSaudi Arabia's stock market rose on Sunday as U.S. inflation data fuelled hopes the Federal Reserve may be reaching the end of its rate hiking cycle, although the Qatari index bucked the trend to close lower.
Read more »