Saudi Arabia and other OPEC Plus oil producers have announced further output cuts, in a move that is likely to increase crude-oil prices.
The Saudi government announced through state media on Sunday that it will reduce crude production by 500,000 barrels a day from May until the end of the year.
Iraq and the United Arab Emirates also said they will cut output from next month.
The combined reductions amount to more than 1.1 million barrels per day.
Russia also said on Sunday that it will extend its daily output cut of half-a-million barrels until year-end.
OPEC Plus has maintained a production cut of 2 million barrels a day since November, citing an uncertain outlook for crude-oil demand.
Crude prices have been declining recently. In March, they temporarily dipped below 70 dollars per barrel for the first time in about 15 months.
The announcement sent benchmark WTI crude oil futures to a two-month high of 81 dollars a barrel on Sunday.
The Saudi government announced through state media on Sunday that it will reduce crude production by 500,000 barrels a day from May until the end of the year.
Iraq and the United Arab Emirates also said they will cut output from next month.
The combined reductions amount to more than 1.1 million barrels per day.
Russia also said on Sunday that it will extend its daily output cut of half-a-million barrels until year-end.
OPEC Plus has maintained a production cut of 2 million barrels a day since November, citing an uncertain outlook for crude-oil demand.
Crude prices have been declining recently. In March, they temporarily dipped below 70 dollars per barrel for the first time in about 15 months.
The announcement sent benchmark WTI crude oil futures to a two-month high of 81 dollars a barrel on Sunday.
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Summary
OPEC Plus, led by Saudi Arabia, announces additional output cuts of over 1.1 million barrels per day from May to year-end, extending current production cut of 2 million barrels daily. This move is expected to increase crude oil prices, with benchmark WTI futures reaching a two-month high of $81
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ID: dc5e218e-48ff-469c-89f3-93cf9e0c0064
Category ID: nhk
URL: https://www3.nhk.or.jp/nhkworld/en/news/20230403_15/
Date: April 3, 2023
Created: 2023/04/03 15:17
Updated: 2025/12/09 05:27
Last Read: 2023/04/03 15:20