Ahead of a scheduled OPEC+ meeting later today, OPEC producers Saudi Arabia and Iraq have revealed decisions to cut respective oil output by 500,000bbl/d and 210,000bbl/d. OPEC and OPEC+ colleagues Algeria, Kazakhstan (OPEC+) Kuwait, Oman (OPEC+) and the UAE are also cutting production. The total reduction is estimated at ~1.15MMbbl/d.
A Saudi Arabia spokesperson described the move as a ‘precautionary measure aimed at supporting the stability of the oil market’.
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Ann: Rafael gas and condensate commercialisation update, page-350
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