In the first exchanges in Asia, the price of a barrel of American WTI rose by 5.74% to 80.01 dollars and that of a barrel of Brent from the North Sea by 5.67% to 84.42 dollars.
This cup announced Sunday by Iraq, Algeria, Saudi Arabia, the United Arab Emirates, Oman and Kuwait will begin in May and will last until the end of the year. It means a total drop in production of around one million barrels per day (bpd), the largest reduction since October.
Riyadh will cut production by 500,000 bpd, Iraq by 211,000 bpd, the Emirates by 144,000 bpd, Kuwait by 128,000 bpd, Algeria by 48,000 bpd and Oman by 40,000 bpd, each country said via their official news agencies. respective.
These cuts will all take place from May until the end of 2023. They take place “in coordination with certain OPEC and non-OPEC member countries”, according to the Algerian Ministry of Energy.
These announcements came as a videoconference meeting of the Joint Ministerial Monitoring Committee (JMMC), a panel of the Organization of Petroleum Exporting Countries and their allies (OPEC+) is to be held on Monday.
This new production cut, which comes on top of the one decided in October, comes despite calls from the United States to increase the number of bpd, against a backdrop of galloping inflation while China, the most gold-hungry country black, is reopening its economy after turning inward during the Covid-19 pandemic.