Many countries have announced voluntary cuts in oil production from May until the end of the year –

/ world today news/ On April 2, many oil-producing countries announced voluntary cuts in crude oil production from May until the end of 2023.

Russian Deputy Prime Minister Alexander Novak said yesterday that Russia had voluntarily extended its measures to cut oil production by an average of 500,000 barrels per day until the end of 2023, based on the average level recorded in February. “These are responsible and preventive actions that take into account the current state of the world oil market,” Novak added. The international commodity market is experiencing a highly volatile and unpredictable period due to the ongoing banking crisis in the US and Europe, combined with global economic uncertainty and unpredictable energy policy decisions.

Saudi Arabia, the UAE, Kuwait and Iraq have also announced that they will voluntarily cut their crude oil production from the end of May.