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OPEC, Saudi Arabia would be at the head of the cartel that has requested the cuts
Sudden kick. L’opec+ surprisingly announced a cut of the oil production which will exceed 1 million barrels per day, reducing supply from May despite a recovery in prices from 15-month lows. Bloomberg reports. Saudi Arabia would be leading the cartel that requested the cuts, proposing a reduction in the supply of 500,000 barrels per day. Other members including Kuwait, the UAE and Algeria followed suit, while Russia said the production cut it was implementing from March to June would continue until the end of 2023. Starting in May, therefore, there will be about 1 million barrels a day less of crude oil that will flow to the market than previously expected.
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