Kuwait to reduce oil production. Deputy Prime Minister and Oil Minister Badr Al Mulla announced a voluntary cut of 128,000 barrels per day.
Kuwait to cut oil production from May to end of 2023 The Minister said that the reduction in production is following the decision of the 33rd OPEC and Non-OPEC Ministerial Meeting held on October 5, 2022.
The consortium has decided to reduce the rate of one million barrels per day. OPEC’s biggest producers, Saudi Arabia, UAE, Oman, Algeria and Russia have also announced that they will cut production.
The OPEC plus group had earlier decided to cut production in order to prevent the price drop in the global oil market and to achieve market stability.
Story Highlights: Kuwait announce surprise oil production cuts
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