Russia, Saudi Arabia, and other OPEC+ oil producers on April 2 announced additional cuts to production of more than 1 million barrels per day (bpd), with Moscow and Riyadh each vowing to cut output by 500,000 bpd through the end of 2023. The group had been expected to stick to its already agreed 2 million bpd cuts when its ministerial panel meets virtually on April 3. OPEC+ comprises OPEC members and allies led by Russia. Washington has assailed the cuts, as tighter supply boosts oil prices, arguing that the world needs lower prices to support economic growth and prevent Russian President Vladimir Putin from earning revenue to fund the Ukraine war. To read the original story by Reuters, click here.
Russia, Other OPEC+ Producers Announce Surprise Oil Output Cuts
Russia is part of OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies.