Kuwaiti Minister of Oil Badr Mulla Sunday said his country would “voluntarily” reduce its oil production by 128,000 barrels per day, starting from May throughout 2023, along with OPEC Plus countries.
According to the Kuwait News Agency (KUNA), Mulla said in a statement that the cut in oil production is a “precautionary” measure in addition to the production cut agreed on at the 33rd ministerial meeting of OPEC Plus on October 5, 2022.
Russia announced it would reduce its oil production by 500,000 barrels per day throughout 2023.
The Iraqi Ministry of Oil announced a similar decision after announcing that Iraq would reduce its oil production by 211,000 barrels per day starting in May.
The Energy Ministry in Oman stated that the GCC country would reduce its oil production by 40,000 barrels per day. Algeria confirmed that it would reduce its oil production by 48,000.
Source: Jordan News Agency