Saudi Arabia and other Opec+ oil producers on Sunday announced voluntary cuts to their production amounting to around 1.15 million barrels per day (bpd) in a surprise move they said was aimed at supporting market stability.
The group had been largely expected to stick to its already agreed 2m bpd cuts when its ministerial panel, which includes Saudi Arabia and Russia, meets virtually on Monday.
Last October, Opec+, which comprises the Organisation of Petroleum Exporting Countries (OPEC) and allies led by Russia, agreed on output cuts of 2m bpd from November until the end of the year, angering Washington as tighter supply boosts oil prices.
The US has argued that the world needs lower prices to support economic growth and prevent Russian President Vladimir Putin from earning more revenue to fund the Ukraine war.
Sunday’s unexpected voluntary cuts, which start from May, come in addition to the ones already agreed upon in October.
