OPEC+ countries announce significant cuts to oil production

ABU DHABI: OPEC+, the Organization of Petroleum Exporting Countries (OPEC), have announced voluntary cuts to their oil production. Reportedly, the decision is to maintain the stability of oil prices in the global market. For this, major oil producers among the Gulf countries, Saudi Arabia, UAE and Kuwait, will limit fossil fuel exports. This means that fuel exports will be reduced by 772,000 barrels per day. The restriction will take effect from May and last until the end of the year.

It is reported that Iraq will also impose similar restrictions. Algeria is likely to cut 48,000 barrels of oil per day The restriction comes after a controversial decision last October to cut production by two million barrels per day.