Voluntary oil output cuts by OPEC+ countries 2023
The total amount of crude oil output cuts by OPEC+ member countries will amount to 1.16 million barrels per day from May 2023 to December 2023. Saudi Arabia, one of the world's largest oil producers, announced that its voluntary oil output reduction would amount to some 500,000 barrels per day (b/d), which would be by far the highest output cut among the OPEC+ countries. This was followed by Iraq, which plans to decrease its output by 211,000 b/d.
The announcement that OPEC+ countries' plan to cut oil outputs from May 2023 through December 2023 was a surprise, and the move is expected to increase oil prices by as much as 10 U.S. dollars per barrel according to some analysts.
The announcement that OPEC+ countries' plan to cut oil outputs from May 2023 through December 2023 was a surprise, and the move is expected to increase oil prices by as much as 10 U.S. dollars per barrel according to some analysts.
