OPEC oil producers announced a voluntary production cut

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OPEC oil producers announced a voluntary production cut

 

Saudi Arabia, OPEC oil producers, Russian, Moscow, oil production cut

Saudi Arabia and other OPEC oil producers announced a voluntary production cut of about 1.15 million barrels per day on Sunday.

The group was widely expected to stick to previously agreed 2 million bpd cuts when its ministerial panel, which includes Saudi Arabia and Russia, meets virtually on Monday. 

Russian Deputy Prime Minister Alexander Novak also said on Sunday that Moscow would extend voluntary cuts of 500,000 bpd until the end of 2023. Moscow unilaterally announced the cuts after the introduction of Western price caps in February.

After Russia's unilateral cuts, US officials said its alliance with other OPEC members was weakening, but Sunday's move showed cooperation was still strong.

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