UAE, Oman, Kuwait, Iraq and Algeria to cut oil production from May until the end of 2023

The UAE, Oman, Kuwait, Iraq and Algeria will voluntarily cut oil production from May to the end of 2023 in coordination with other OPEC+ countries.


UAE Minister of Energy and Infrastructure Suheil al-Mazroui announced that the country is cutting production by 144,000 barrels per day, according to the UAE state agency WAM.

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The Oman Energy Ministry said the sultanate would cut production by 40,000 barrels a day. The Oil Ministry of Kuwait announced a reduction in production by 128,000 barrels. The Ministry of Oil of Algeria noted that the country will reduce by 48,000 barrels. In turn, the Iraqi Ministry of Oil decided to cut by 211,000 barrels.

The Saudi state agency SPA previously reported that Saudi Arabia would cut production by 500,000 barrels per day.

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