Saudi Arabia, UAE and Kuwait to further cut oil supplies

Saudi Arabia, UAE and Kuwait agreed to voluntarily cut oil supplies by another 2 million barrels per day to help oil prices. This was announced on Sunday, April 12, Iranian Oil Minister Bijan Zangane on Twitter.

In turn, UAE Energy Minister Souheil al-Mazrooui wrote on Twitter that the country agrees to reduce production from 4.1 million barrels per day.

Earlier on Sunday, April 12, the OPEC+ countries reached a final agreement to reduce oil production by almost 10 mn barrels per day.

According to the Iranian Oil Ministry, the new deal involves all 23 countries. Mexico confirmed that it is participating in the OPEC+ deal and that the country will reduce production by 100kbpd in May and June.

On 12 April, Russian President Vladimir Putin, US President Donald Trump and King Salman Ben Abdulaziz Al Saud of Saudi Arabia supported an agreement reached within the framework of OPEC+ on a phased voluntary restriction of oil production.

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