Oil cartel OPEC+ will cut oil production by more than a million barrels per day from May. This is happening despite the recovery in oil prices.
OPEC leader Saudi Arabia will deliver 500,000 barrels less crude oil every day. In addition, Kuwait, the United Arab Emirates and Algeria, among others, are participating in the production reduction. Russia said that the production decrease of 500,000 barrels will continue until the end of this year.
Oil cartel OPEC and allies such as Russia are collectively referred to as OPEC+. At the beginning of February they decided not to change the production level. For the time being, oil production would continue to be cut by two million barrels per day, in order to prop up prices.
OPEC+ is now backtracking on February’s decision by announcing another cut in oil production.
