NextGen Day

Since May 1 and through the end of the year, several OPEC+ member countries have voluntarily reduced their oil production; the total decline in oil output is currently estimated at 1.66 million barrels per day.

On April 2, the participating OPEC+ nations announced a voluntary reduction in oil production through 2024.

The UAE will cut production by 144,000 bpd, Iraq by 211,000 bpd, Kuwait by 128,000 bpd, Oman by 40,000 bpd, Algeria by 48,000 bpd, Kazakhstan by 78,000 bpd, and Gabon by 8,000 bpd. Saudi Arabia has decided to reduce oil production by 500,000 barrels per day (bpd) from May until the end of 2023.

Before the end of 2023, Russia agreed to extend a voluntary cut in oil production of 500,000 barrels per day from the average February level. This reduction was announced earlier in the year by Alexander Novak, the deputy prime minister of Russia.

Several OPEC+ countries announced a voluntary output reduction from May through the end of 2023 on April 2.

Decisions were confirmed following the OPEC+ ministerial monitoring committee meeting on April 3.

The decision was taken in addition to agreements imposed in November 2022 on a decrease in output by 2 million barrels per day within the parameters of the OPEC+ pact. At the time, the total volume of voluntary oil output reduction was anticipated to be 1.66 million barrels daily.

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