An employee pumps fuel into a car at a Shell petrol station in Nairobi, Kenya, September 20, 2018. REUTERS/Baz Ratner/File Photo
DUBAI, April 2 - Saudi Arabia and other OPEC+ oil producers on Sunday announced voluntary cuts to their production, with Riyadh saying it would cut output by 500,000 barrels per day from May until the end of 2023, state media reported. Russia's deputy prime minister also said Moscow would extend a voluntary cut of 500,000 bpd until the end of 2023. The United Arab Emirates, Kuwait, Iraq, Oman and Algeria said they would voluntarily cut output over the same time period.
The UAE said it would cut production by 144,000 bpd, Kuwait announced a cut of 128,000 bpd while Iraq said it would cut output by 211,000 bpd and Oman announced a cut of 40,000 bpd. Algeria said it would cut its output by 48,000 bpd. The Saudi energy ministry said in a statement that the kingdom's voluntary cut was a precautionary measure aimed at supporting the stability of the oil market.Our Standards:
This is an economic decision made the whole 23 members of OPEC+ to achieve the balance of supply and demand and to bring the stability in the oil market
tesla 🇺🇸 FTW
what’s next?
OPEC to Biden:
More reason to find alternative energy sources--get off of the Saudi's oil teat and rob them of their outsize influence in the world.
These announcements are voluntary price increases and profit increases for them to voluntarily make themselves even more obscenely rich.