In a surprise move, OPEC members including Saudi Arabia, the UAE, Iraq, Kuwait, and Algeria have announced voluntary oil production cuts exceeding one million barrels per day from May until the end of the year. They have described it as a precautionary measure aimed at supporting the stability of the oil market.
The group of 23 oil-producing countries, which slashed its collective output by two million barrels per day last year, is expected to stick to the agreed production levels at its upcoming virtual meeting today.