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The extension of oil production reduction by OPEC Plus

The extension of oil production reduction by OPEC Plus

Saudi Arabia announced that it will continue to reduce oil production by one million barrels per day until the end of July this year.The Saudi Arabian news agency has reported that the process of reducing oil production will change according to market conditions.In this way, Saudi Arabia’s oil production will remain around nine million barrels per day.Some OPEC+ countries, which include OPEC and non-OPEC members, agreed last November to cut their oil production by about 2.2 million barrels per day.According to the Reuters report, until the end of July, the United Arab Emirates will reduce their daily oil production by 163,000 barrels, Kuwait by 135,000 barrels, Algeria by 51,000 barrels, and Oman by 42,000 barrels.