Members of the oil alliance Opec have announced a surprise cut in oil production. From May onwards, production should therefore be around one million barrels (159 liters) per day lower. Saudi Arabia led the cartel with a planned production cut of 500,000 barrels a day. The Saudi energy ministry said it was a “voluntary cut,” writes the Saudi state press agency.
Other members such as Kuwait, the United Arab Emirates and Algeria followed suit, while Russia plans to continue its output cut until the end of 2023. This means that from May onwards around one million barrels of crude oil per day less than previously expected should flow onto the market.
According to OPEC, 102 million barrels per day were produced worldwide in February. The OPEC group of 23 countries has a global market share of around 40 percent.
