On the evening of April 2, according to CCTV news reports, multiple oil-producing countries announced on April 2 that they would voluntarily reduce crude oil production from May to the end of 2023.
Saudi Arabia announced that it will voluntarily cut crude oil production by 500,000 barrels per day from May to the end of 2023;
The UAE announced it would cut 144,000 barrels; Kuwait announced it would cut 128,000 barrels;
Iraq announced it would cut 211,000 barrels;
Algeria announced it would cut 48,000 barrels;
Kazakhstan announced it would cut 78,000 barrels;
Oman announced it would cut 40,000 barrels.
Russia announced that it would extend its daily oil production cut of 500,000 barrels until the end of 2023.
The Saudi National News Agency quoted an official source as saying that Saudi Arabia made this decision after coordinating with some oil-producing countries. The voluntary production reduction will continue until the end of this year. The official source also stated that Saudi Arabia’s decision is aimed at “Support the stability of the international crude oil market.”
Suhail Mazrouei, Minister of Energy and Infrastructure of the United Arab Emirates, said that this voluntary production reduction is a precautionary measure to ensure market balance and is in line with the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC agreement on October 5, 2022. The production reduction targets set at the 33rd Ministerial Conference of oil-producing countries are consistent. In addition, OPEC and non-OPEC oil-producing countries plan to hold a joint ministerial monitoring committee (JMMC) video conference on April 3.
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