OPEC cutting production voluntarily. Saudi Arabia will cut production by 500,000 barrels a day from May to December in coordination with some other OPEC and non-OPEC countries. Unclear if the total number is 900k or 1.4mm. Reminder OPEC+ has been underproducing. twt.
Saudi 500K
Russia 500K
Iraq 211K
UAE 144K
Kuwait 128K
Kazakhstan 78K
Algeria 48K
Oman 40K Some say that Saudia was irritated last week that the Biden administration publicly ruled out new crude purchases to replenish a strategic stockpile that had been drained last year as the White House battled to tame inflation.
“For the purpose of taking precautionary measures to confront the challenges facing global oil markets, and in order to achieve the balance between demand and supply and market stability, the ministry of oil decided to reduce the voluntary production by 211,000 b/d,” Iraq said according to an Arabic press statement released by the ministry of oil.
