Oil powers announce surprise cuts of more than one million bpd
RIYADH, April 3 — Oil prices soar almost 6 per cent after major oil powers, led by Saudi Arabia announced a surprise production cut of more than one million barrels per day on Sunday, calling it a “precautionary” move aimed at stabilising the market.
Russia, a leading member of the OPEC+ cartel, said it was also extending an existing cut of 500,000 bpd to the end of this year, describing it as “a responsible and preventive action”. Brent crude oil prices, trading just below US$80 a barrel late last week, should bounce to above US$80 as a result of the reductions, he said, calling prices below US$80 “unacceptable” for OPEC+.
OPEC raised its 2023 world oil demand forecast in February, saying it expected demand to grow by 2.3 million barrels per day to an average of 101.87 million barrels per day this year. Saudi Arabia will cut 500,000 barrels per day, Iraq 211,000, the UAE 144,000, Kuwait 128,000, Algeria 48,000 and Oman 40,000, each country announced.
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