Several oil producers join Saudi Arabia in cutting production – Business News
More join Saudi oil cut
The Canadian Press – Apr 2, 2023 / 1:12 p.m | Stories: 419210
Photo: The Canadian Press
UPDATE 1:13pm
Several major oil producing countries have joined Saudi Arabia in announcing surprise production cuts that could send world oil prices higher.
Saudi Arabia said Sunday it was cutting production by 500,000 barrels per day from May until the end of the year. That represents less than 5% of its average production in 2020.
The United Arab Emirates, Oman, Iraq, Kuwait, Algeria and Kazakhstan all announced similar but smaller reductions, for a total of 1.15 million barrels…
