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OPEC+ Announces Surprise Oil Production Cut

April 3, 2023 By Young Research

By Champ008 @ Shutterstock.com

The group of oil producing countries known as OPEC+ has announced an unexpected 1.16 million barrel per day cut to its target production. Maha El Dahan and Ahmed Rasheed of Reuters report:

Saudi Arabia and other OPEC+ oil producers on Sunday announced further oil output cuts of around 1.16 million barrels per day, in a surprise move that analysts said would cause an immediate rise in prices and the United States called inadvisable.

The pledges bring the total volume of cuts by OPEC+, which groups the Organization of the Petroleum Exporting Countries with Russia and other allies, to 3.66 million bpd according to Reuters calculations, equal to 3.7% of global demand.

Sunday’s development comes a day before a virtual meeting of an OPEC+ ministerial panel, which includes Saudi Arabia and Russia, and which had been expected to stick to 2 million bpd of cuts already in place until the end of 2023.

Read more here.

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