Oil powers announce surprise cuts of more than 1 million bpd
The 13 members of the Organization of the Petroleum Exporting Countries and 11 non-Opec allied countries will hold a joint ministerial monitoring committee meeting today. – EPA pic, April 3, 2023.
MAJOR oil powers led by Saudi Arabia announced yesterday a surprise production cut of more than one million barrels per day, calling it a “precautionary” move aimed at stabilising the market. The reductions, on top of a Russian decision to extend a cut of 500,000 barrels per day, and despite US calls to increase production, risk stoking inflation and pressure to raise interest rates.
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