Saudi Arabia and other oil giants announce surprise production cuts
Saudi Arabia and other major oil producers have announced surprise cuts of up to 1.15 million barrels per day from May until the end of the year — a move which could raise oil prices worldwide. Even though the production cut is only about one per cent of the roughly 100 million barrels of oil the world uses per day, experts say it will still impact prices. Saudi Arabia said it would reduce production by 500,000 barrels per day.Iraq said it would reduce production by 211,000 barrels per day, the United Arab Emirates by 144,000, Kuwait by 128,000, Kazakhstan by 78,000, Algeria by 48,000 and Oman by 40,000.
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