A group of OPEC and OPEC+ countries led by Saudi Arabia, Iraq and UAE announced voluntary oil production cuts of more than 1 million barrels per day in a surprise move.
Several OPEC countries and partner coalition OPEC+ announced oil production cuts of more than 1 million barrels per day that will run from next month through the end of this year.
Five members of the Organization of the Petroleum Exporting Countries – Saudi Arabia, Iraq, UAE, Kuwait and Algeria – were joined by two OPEC+ countries that aren’t official oil cartel members but often participate in the group's actions. The five OPEC members will make the largest cuts to their oil production, with Saudi Arabia cutting 500,000 BPD, Iraq cutting 211,000 BPD, UAE cutting 144,000 BPD, Kuwait cutting 128,000 BPD and Algeria cutting 48,000 BPD.
The two OPEC+ countries participating in the output reduction – Kazakhstan and Oman – will cut 78,000 BPD and 40,000 BPD, respectively.The latest oil production cuts come in addition to the 2 million BPD output cuts OPEC+ announced in October. Russia previously announced a unilateral production cut of 500,000 BPD in February through the end of the year after Western countries imposed a price cap of $60 per barrel on Russian oil as part of a sanctions package stemming from the
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