OPEC+ countries to voluntarily reduce production by 1.66M barrels per day

Voluntary production cuts by some OPEC+ countries from May will amount to 1.66 million barrels per day (bpd).

This volume will be in addition to the current reduction of 2 million bpd from November 2022, according to the communiqué following the meeting of the monitoring committee of the alliance, published on the OPEC website, Report informs referring to TASS.

The document also notes that the OPEC+ monitoring confirmed the commitment to the agreements reached at the meeting in October 2022 in Vienna. Then the countries of the alliance agreed to reduce oil production from November by 2 million bpd from the August level.

The next ministerial monitoring meeting is scheduled for June 4.