Saudia Arabia leads major oil powers in surprise production cuts, which is a 'precautionary' move aimed at stabilising the market.
abc.net.au/news/oil-powers-announce-cuts-of-one-million-barrels-a-day/102178580Major oil powers led by Saudi Arabia have announced 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 Russia's decision to extend a cut of 500,000 barrels per day until the end of the year, and despite US calls to increase production, risk stoking inflation and pressure to raise interest rates. Cuts by Saudi Arabia, Iraq, UAE, Kuwait, Algeria and Oman from May to the end of the year will top one million barrels per day -- the biggest reduction since the OPEC+ cartel slashed two million barrels per day in October.
Russia, a leading member of the OPEC+ cartel, said the extension of its production cut was "a responsible and preventive action".
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