According to Saudi Arabia’s Ministry of Energy, the production cut is a precautionary measure aimed at supporting the stability of the oil market.
OPEC+ includes members of the Organization of the Petroleum Exporting Countries and other leading producers, led by Russia. Russian Deputy Prime Minister Alexander Novak earlier said Moscow would extend the voluntary cut by 500,000 barrels a day until the end of 2023.
In the same period, the United Arab Emirates, Kuwait, Iraq, Oman and Algeria will also voluntarily reduce production, Reuters wrote.
