OPEC+ nations announce voluntary cuts in oil production of around 1.16 mil. barrels per day

Описание: OPEC+, 하루 116만 배럴 '자발적' 감산 "시장 안정 위한 결정"

Saudi Arabia and other members of the OPEC plus oil producers announced that they will voluntarily cut oil production, in an effort to support the stability of the oil market.
This is expected to lead to a rise in oil prices and further strain ties with the U.S.
Bae Eun-ji reports.

Members of the OPEC plus --made up of major oil producers and Russia --have announced surprise cuts of around 1-point-1-6 million barrels per day.
Saudi Arabia's state media said Sunday that the country will be cutting its oil output by 500,000 barrels per day starting next month, until the end of this year.
The Saudi energy ministry described the move as a "a precautionary measure" aimed at supporting the stability of the oil market.
It also explained this is in addition to a reduction announced by the OPEC plus nations last October, when they agreed to an output cut of 2 million barrels per day, that angered the Biden administration.
To deal with soaring oil prices following the war in Ukraine, the U.S. has been arguing that the world needs lower oil prices to support economic growth and prevent Russian President Vladimir Putin from earning more revenue to fund the war.
Iraq also announced it will cut oil production by 211,000 barrels per day starting May.
The UAE, Kuwait, Algeria and Oman will also be making cuts in oil production.
The Russian government also said Sunday local time that Moscow would extend a voluntary cut of 500,000 barrels per day until the end of 2023.
Analysts say the latest move from the oil producers is expected to push up oil prices, which are currently at about 80 dollars a barrel.
The head of investment firm Pickering Energy Partners told Reuters that prices could jump by 10 dollars per barrel.
Bae Eun-ji, Arirang News.

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2023-04-03, 09:00 (KST)