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From May onwards, production should therefore be around one million barrels (117.35 million l) per day lower. Saudi Arabia led the cartel on Sunday with a planned production cut of 500,000 barrels a day. The Saudi Ministry of Energy said it was a “voluntary cut,” writes the Saudi Press Agency.Riyadh. Other members such as Kuwait, the United Arab Emirates and Algeria followed suit, while Russia plans to continue its output cut until the end of 2023. This means that from May onwards around one million barrels of crude oil per day less than previously expected should flow onto the market.
The influence of the association of 23 countries is still significant. Allianz has a global market share of around 40 percent.
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