Iraq, Algeria, Saudi Arabia, United Arab Emirates And Kuwait announced today a production cut oil them, and the giants of the Persian Gulf speak of a “precautionary measure” aimed at stabilizing the market.

Riyadh, Abu Dhabi and Kuwait will cut production by a combined 772,000 barrels a day from May until the end of the year, the three Gulf countries said in statements released by their respective official media.

This is “a precautionary measure aimed at maintaining the stability of the oil market,” said a senior official in the Saudi Arabian Ministry of Energy, according to the SPA news agency.

Iraq, one of the largest oil producers, also announced today that it will cut production by 211,000 barrels per day from May 1.

Algeria, for its part, is embarking on “a voluntary production cut of 48,000 bpd from May until the end of 2023 in coordination with certain OPEC and non-OPEC countries,” Algeria’s energy ministry said in a statement. , which was broadcast by the local news agency APS.

Moscow, an OPEC+ member, for its part, has announced that it is extending a 500,000 bpd cut in crude oil production until the end of the year, Deputy Energy Prime Minister Alexander Novak said in a statement. which speaks of a “period of uncertainty” in the black gold market.

Source: APE/MEB