Iraq and Algeria announced Sunday a voluntary reduction in oil production, starting from May until the end of 2023.

In a statement, the Iraqi Oil Ministry said it would reduce oil production by 211,000 barrels per day starting in May.

The goal is to take precautionary measures to meet the challenges facing the global oil market and achieve a balance between supply and demand and market stability, the ministry added.

The ministry indicated that the reduction was carried out in coordination with some oil-producing countries and in line with the previous reduction policy.

In Algeria, the Ministry of Energy and Mines announced that Algeria would reduce its production by 48,000 barrels per day, starting from May until the end of 2023, in coordination with some of the countries participating in the OPEC + agreement.

The statement indicated that the voluntary cut is a precautionary measure and beside the production cut agreed upon at the 33rd OPEC+ ministerial meeting on Oct. 5, 2022.

Earlier Sunday, Saudi Arabia and Kuwait announced a voluntary reduction of their oil production starting from May until the end of 2023.

Source: Qatar News Agency