Nigeria’s oil production fell by 195,000 barrels per day (bpd) to 1.02 million bpd in May, according to OPEC’s monthly report.
On Sunday, Saudi Arabia and the other members of OPEC+ unexpectedly announced further reductions in oil output of more than 1.16 million barrels per day. Experts projected a spike in prices right away, and the US thought it was a bad idea.With the pledges, OPEC+, which also includes Russia and other partners, would now be cutting back 3.66 million bpd, or 3.7 percent of the world’s consumption.
The voluntary decrease of 500,000 barrels per day would be maintained by Moscow until the end of 2023, according to the deputy prime minister of Russia.
Algeria, Kuwait, Iraq, Oman, and the United Arab Emirates all announced voluntary production reductions for the same time frame.The UAE declared a 144,000 bpd reduction in production, Kuwait announced a 128,000 bpd reduction, Iraq stated it will reduce output by 211,000 bpd, while Oman announced a 40,000 bpd reduction.
Algeria announced a reduction in production of 48,000 bpd.
According to a statement from the Saudi energy ministry, the country’s voluntary cut was made as a preventative action to help maintain the stability of the oil market.
The gathering on Sunday takes place the day before a ministerial meeting of OPEC+, a group that also includes Saudi Arabia and Russia, that has been virtually summoned and was expected to preserve the 2 million bpd oil cuts that have already been put in place through the end of 2023.
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