Oil giants announce global production cut

For its part, Iraq, which is one of the world’s largest crude oil producers, announced a reduction of 211,000 barrels per day as of May 1.

The Iraqi Oil Ministry reported that the measure was adopted “in coordination with other producing countries” and that it will be in force until the end of the year.

Algeria reported that it will proceed to “a voluntary cut of 48,000 barrels per day, from May until the end of 2023”, in coordination with some countries of the Organization of Petroleum Exporting Countries (OPEC) and outside OPEC, according to a statement from the ministry. of Energy, quoted by the local agency APS.

Russia, which is a member of the group of countries associated with OPEC, announced that it will extend a cut in oil production of 500,000 barrels per day until the end of the year, Russian Deputy Prime Minister for Energy Alexander Novak said in a statement. .