Saudi Arabia, the United Arab Emirates, Kuwait, Iraq and Algeria are expected to cut production.

Saudi Arabia, the United Arab Emirates and Kuwait announced a combined cut in oil production on Sunday. Iraq and Algeria followed suit.

Iraq, Algeria, Saudi Arabia, the United Arab Emirates and Kuwait announced oil production cuts on Sunday, citing a “precautionary measure” aimed at stabilizing the market by Gulf oil companies. Riyadh, Abu Dhabi and Kuwait will cut output by a total of 772,000 barrels per day (bpd) between May and the end of the year, the three Gulf states said in statements published by their respective official media.

It was a “precautionary measure aimed at supporting the stability of the oil market,” a senior Saudi energy ministry official said, according to the official Saudi press agency SPA.

Iraq, one of the main oil producers, announced on Sunday that it would cut its output by 211,000 bpd from May 1. Algiers, for its part, is undertaking “a voluntary reduction of 48,000 barrels per day from May to the end of 2023, in coordination with some OPEC and non-OPEC member countries,” according to a press release from the Algerian ministry. External Affairs, Energy, was taken over by APS, a local agency.

Moscow extends its cuts

For its part, Moscow – a member of OPEC+ – has announced it will extend its crude output by 500,000 bpd until the end of the year, according to a press release from Alexander, the deputy prime minister in charge of energy. Novak cites “uncertain” period in black gold market