Iraq joins Arab countries in reducing oil production
An oil facility in Saudi Arabia. Photo: AFP
Baghdad (IraqiNews.com) – Iraq, Saudi Arabia, UAE, Kuwait, Oman and Algeria announced a voluntary reduction in oil production by about 1.071 million barrels per day.
An official in the Saudi Ministry of Energy said that Saudi Arabia will voluntarily reduce its crude oil production by 500 thousand barrels per day, starting from next May until the end of 2023, according to the Saudi Press Agency (SPA).
The Saudi official mentioned that the step is taking place in coordination with countries participating in the declaration of cooperation from OPEC and from outside it, SPA mentioned.
The source explained that this voluntary reduction of oil production is apart from the reduction agreed upon at the 33rd ministerial meeting of OPEC member states and producing countries in OPEC+, which was held on October 5, SPA explained.
The source stressed that this move is a precautionary measure aiming to support the stability of oil markets.
The UAE Minister of Energy and Infrastructure, Suhail Al-Mazrouei, said that the UAE will voluntarily reduce its oil production by 144 thousand barrels per day, starting from next May until the end of 2023, in coordination with some of the countries participating in the OPEC+ agreement.
Iraq also announced a voluntary reduction in oil production by 211 thousand barrels per day, while the Kuwaiti Oil Minister announced a voluntary reduction in oil production by 128 thousand barrels per day.
Oman also announced that it will voluntarily reduce its oil production by 40 thousand barrels per day, and Algeria announced a voluntary reduction in its oil production by 48 thousand barrels per day.