Kuwait, UAE, Saudi, and Iraq Set to Slash Oil Production

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KUWAIT CITY, Nov 30: Kuwait will implement a voluntary crude oil production cut of 135,000 barrels per day for three months starting January 1, 2024, according to First Deputy Prime Minister and Minister of Oil Dr. Saad Al-Barrak. This decision, made in coordination with other OPEC+ producers, will bring Kuwait’s oil production to 2.413 million bpd until the end of March 2024. Al-Barrak emphasized that this reduction is an addition to the previously announced cut of 128,000 bpd in April 2023, set to continue until the end of 2024. These measures aim to proactively stabilize and balance the oil market, he noted.

The United Arab Emirates also that it will reduce its oil production by 163000 barrels per day, starting from January 1, 2024 until the end of March. Iraq in the meantime Iraq will reduce its oil production by 220,000 barrels per day,

Also, Saudi Arabia declared the extension of its self-imposed reduction in oil production by one million barrels per day (bpd) until the conclusion of the first quarter of 2024. The extension, initially implemented in July 2023 and now prolonged until March 2024, is a collaborative effort with certain countries involved in the OPEC+ agreement, according to an official source at the Ministry of Energy, as reported by the Saudi Press Agency (SPA). As part of this reduction, Saudi Arabia will maintain its oil production at approximately 9 million barrels per day until the end of March 2024, contributing to market stability. The article emphasizes that this measure is in addition to the previously announced voluntary reduction of 500,000 bpd in April 2023, which will persist until December 2024. The source underscores that this supplementary reduction aligns with the precautionary measures taken by OPEC+ nations to uphold the stability and equilibrium of oil markets. (KUNA)

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