Energy markets were bracing for a volatile open late Sunday, after Saudi Arabia led a surprise oil production cut across several OPEC+ nations that will remove more than one million barrels of oil a day from May.
In an announcement on Sunday, Saudi Arabia’s Ministry of Energy stated that the kingdom will implement a voluntary cut of 500,000 barrels a day from May until the end of 2023, in conjunction with other countries. “Today, the world oil market is experiencing a period of high volatility and unpredictability due to the ongoing banking crisis in the U.S. and Europe, global economic uncertainty and unpredictable and shortsighted energy policy decisions. At the same time, predictability in the global oil market is a key element in ensuring energy security,” Novak said in a statement.
Elsewhere, Kuwait’s oil ministry said the country will cut 128, 000 barrels a day, while the United Arab Emirates said it would cut its production by 144,000 barrels a day, according to a statement by Energy Minister Suhail Al Mazrouei, reported by Attaqa Breaking News. Oman said it would implement a voluntary cut of 40,000 barrels a day. Kazakhstan said it would cut by 78,000 barrels a day and Algeria said it would cut by 48,000 barrels a day.
It looks like the energy markets are in for a wild ride! Let's hope the production cut brings the desired result. energymarkets
BRICS ditched the US dollar & OPEC cut oil production just as the FED was cranking up the printer to save the banks..Ukraine War just got defunded..& the US/NATO corruption/crimes there will soon be revealed.. Desperate people do scary things..NuclearWar?
Don't worry, we'll never run out of oil - OPEC has a 'plus' for that!
Raise the prices!!!!!! MOREEEEEE PROFITSSSSSSSSS
Yes, I can clearly see from here you’re not refining anything