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Kuwait and Other Major Oil Producers Declare Surprise Output Cuts

The cuts are aimed at market stability.

  • Publish date: Monday، 03 April 2023
Kuwait and Other Major Oil Producers Declare Surprise Output Cuts

Kuwait, UAE, and Saudi Arabia announced a cut in production of oil output by countries in the Middle East, which is aimed at market stability. 

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The cuts by Kuwait, Saudi Arabia, and the UAE will amount to a total of 772,000 barrels per day (bpd) and will be implemented from May and last for the rest of the year.

Algeria also declared a voluntary cut of 48,000 bpd over the same time period, while Oman announced a cut of 40,000 bpd and Kazakhstan also plans to reduce oil output by 78,000 bpd. Iraq also plans to reduce its oil output. 

Kuwait will implement a voluntary cut of 128,000 bpd from May until the end of 2023 in collaboration with some Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC participating countries in the Declaration of Cooperation. This information was shared by Deputy Prime Minister and Oil Minister Bader Al-Mulla in a press release on Sunday. 

The minister emphasized that the voluntary cut will be a precautionary measure added to the reduction in production, which was agreed to at the 33rd OPEC and non-OPEC Ministerial Meeting on October 5th, 2022.

Russia’s Deputy Prime Minister Alexander Novak also announced on Sunday that Moscow will extend a voluntary cut of 500,000 bpd until the end of 2023. 

The Saudi Press Agency reported that a Saudi energy ministry official assured that the cuts in oil output are "a precautionary measure aimed at supporting the stability of the oil market.”

This article was previously published on kuwaitmoments.To see the original article, click here

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