Sunday, June 23, 2024
More
    HomeWorldSaudi Arabia and UAE take the lead in reducing oil production in...

    Saudi Arabia and UAE take the lead in reducing oil production in the Middle East to stabilize the market.

    Related stories

    Kottagudem MLA Koonanneni urges authorities to stay vigilant during monsoons

    In Bhadradrikottagudem, MLA Koonanneni Sambasivarao instructed authorities to address...

    Severe rain showers hit Bhadradri Kottagudem district

    There was heavy rain early in the morning all...

    New Anna canteen opens in Hyderabad

    Xenex Amar, the founder and general secretary of Chandrababu...

    YS Jagan requests government assistance after Telugu man from Andhra Pradesh is fatally shot in Arkansas, USA

    Gopikrishna, a native of Yazali in Karalapalem mandal, had gone to the US eight months ago in search of livelihood. The assailant came straight at him and shot him.

    On Sunday, Gulf oil giants Saudi Arabia, the United Arab Emirates, and Kuwait announced a coordinated cut in oil production. The cuts, totaling 772,000 barrels per day (bpd), will take effect from May and last for the rest of the year. Iraq followed suit, while Algeria also announced a “voluntary” cut of 48,000 bpd over the same time-frame.

    The countries stated that the cuts are a “precautionary measure” aimed at market stability. A Saudi energy ministry official emphasized that this is a precautionary measure aimed at supporting the stability of the oil market.

    - Advertisement -

    The cuts come on top of the oil cartel OPEC’s controversial decision in October to slash production by two million barrels per day, the report said. That reduction, the biggest since the height of the Covid pandemic in 2020, came despite concerns it could fuel further inflation and push central banks to hike interest rates even more.

    The announcement of these cuts could have a significant impact on global oil prices, as these countries are major producers and exporters of crude oil. It remains to be seen how other major oil-producing countries will respond to this move and whether they will also consider cutting their production levels.

    - Advertisement -
    Rajesh M
    Rajesh Mhttps://www.telanganatribune.com
    Latest News from Hyderabad, Telangana, India & World!

    Follow us

    3,565FansLike
    179FollowersFollow
    1,202FollowersFollow
    965SubscribersSubscribe

    Contribute News

    You can contribute an article to Telangana Tribune by dropping a mail at newsdesk@telanganatribune.com

    Latest stories

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here