OPEC+ countries will reduce oil production by the end of the year
Seven countries, including Russia and Kazakhstan, have decided to voluntarily reduce oil production by the end of the year. Reported by Reuters agency.
"As responsible and preventive actions, Russia is implementing a voluntary reduction of 500 thousand barrels per day by the end of 2023 from the average production level in February, determined in accordance with independent sources," Deputy Prime Minister Alexander Novak said in a statement published on the portal of the Government of the Russian Federation.
Saudi Arabia will also reduce production by 500 thousand barrels. "The representative of the Ministry of Energy stated that the Kingdom of Saudi Arabia will carry out a voluntary reduction in production by 500 thousand barrels per day from May to the end of 2023 in coordination with some other OPEC countries and none—OPEC countries participating in the declaration on cooperation," the state agency of the kingdom SPA reported.
The Ministry of Energy of Saudi Arabia noted that all this is purely voluntary and in addition to the quotas that were approved in October last year.
Kazakhstan will reduce production by 78 thousand b/d. This was stated by the press service of the Ministry of Energy of the Republic.
"Kazakhstan will carry out a voluntary reduction in production by 78 thousand barrels per day starting from May until the end of 2023, together with other OPEC+ member countries," RIA Novosti reports.
It is clarified that the reduction is a precautionary measure in addition to the production reduction adopted at the 33rd OPEC+ ministerial meeting on October 5, 2022.
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