The Organization of Petroleum Exporting Countries and its partners, known as OPEC+, announced voluntary cutbacks to their crude oil output on Sunday totaling around 1.15 million barrels per day. They described the move as a “precautionary step” meant to maintain market stability.
When the ministerial panel of the 23-nation oil cartel, which includes Saudi Arabia and Russia, virtually meets on Monday, members were expected to adhere to their previously agreed two million bpd reduction, according to Aljazeera.
OPEC+, which consists of OPEC and ten allies led by Russia, agreed to output cutbacks of two million bpd starting in November. This infuriated Washington since a limited supply drives up oil prices. The unexpected voluntary cuts on Sunday, which are scheduled to begin in May, are in addition to the ones already agreed in October.