The Sultanate of Oman has announced Sunday that it will voluntarily cut production of 40,000 barrels of crude oil per day, starting from next May until the end of 2023, in coordination with some countries participating in the "OPEC Plus" agreement.

The Omani Ministry of Energy and Minerals explained that this voluntary cut is a precautionary measure, besides the production cut agreed upon at the 33rd ministerial "OPEC Plus" meeting on 5 October 2022.

Similarly, Saudi Arabia, Kuwait, Algeria, and Iraq announced earlier a voluntary cut in their oil production starting next May.

OPEC Plus member states agreed on Oct. 5, 2022, to collectively cut production by 2 million barrels per day from November 2022 till the end of 2023. OPEC Plus includes 23 member states, including the 13 member states of the Organization of the Petroleum Exporting Countries (OPEC) in addition to the other 10 producing states.

Source: Qatar News Agency