Arab Countries Cut Oil Production

Oman's Ministry of Energy announced on Twitter today, Sunday, a voluntary reduction in its oil production by 40,000 barrels per day starting from May until the end of 2023. The Iraqi Ministry of Oil also announced today, Sunday, a voluntary cut of 211,000 barrels per day from May until the end of 2023. The Algerian Ministry of Energy mentioned today, Sunday, that it will voluntarily reduce its oil production by 48,000 barrels per day from May until the end of 2023, according to official media. In this context, the Emirati Minister of Energy stated today, Sunday, that the UAE will voluntarily reduce its oil production by 144,000 barrels per day starting from May until the end of 2023. Additionally, the Saudi Ministry of Energy announced today, Sunday, that the Kingdom will voluntarily cut its oil production by 500,000 barrels per day starting from May until the end of 2023, emphasizing that this reduction is a precautionary measure aimed at supporting the stability of the oil market.