OPEC+ Surprisingly Cuts Oil Production

OrganizationsInternational Organizations ♦ Published: April 3, 2023; 17:11 ♦ (Vindobona)

The OPEC+ alliance has announced a surprise cut in oil production. There will probably be a reduction of about one million barrels per day from May onward.

Nine oil-producing countries from the OPEC+ group will reduce their daily production in the coming months. / Picture: © Wikimedia Commons; Flcelloguy, CC BY-SA 3.0

Nine oil-producing countries from the OPEC+ group will reduce their daily production by a total of 1.66 million barrels (159 liters each) in the coming months. This was officially announced by OPEC+ in Vienna after a virtual meeting of its Market Monitoring Committee. The day before, the countries involved in the movement had announced cuts surprisingly and individually.

Eight…