Saudi Arabia and other OPEC+ oil producers have agreed to cut 1.15 million barrels per day to support market stability

OPEC+ had previously agreed to 2 million bpd cuts and this surprise move could lift global oil prices by $10 per barrel

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The oil output cut is in addition to the ones agreed upon in October 2022 and will start from May 2023

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Riyadh will cut output by 500,000 bpd, Iraq by 211,000 bpd, UAE by 144,000 bpd, Kuwait by 128,000 bpd, Oman by 40,000 bpd, Algeria by 48,000 bpd, and Kazakhstan by 78,000 bpd

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Russia will extend a voluntary cut of 500,000 bpd until the end of 2023

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The move shows that the cooperation between OPEC+ members and Russia is still strong

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Oil Prices fell to 15 month low after the recent banking crisis in US and Europe.

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However, the US has been calling for producers to increase output to push energy prices lower, as higher oil prices will impact economic growth.

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