Oil-producing countries have voiced support for the possibility of production cuts by the Saudi Arabian Energy Minister, who leads OPEC Plus, a group made up of major oil-producing countries, and OPEC Plus has actually cut production. The focus is on taking the leap.
OPEC, led by Saudi Arabia, is formed by the Organization of the Petroleum Exporting Countries (OPEC) and non-member oil-producing countries such as Russia. Every month, OPEC Plus decides on production policies and has an influence on international crude oil prices. .
Crude oil prices hit a record high in March due to the situation in Ukraine, but there are signs of a decline this month due to concerns about the economic slowdown in the United States and China.
Under these circumstances, Saudi Arabia's Energy Minister Abdul Aziz suggested on the 22nd that the oil production may be reduced depending on the trend of crude oil prices.
Regarding this, Iraq's state-owned oil sales company, which boasts the third largest production volume in OPEC Plus, released a statement on the 24th and commented that it "supports what the Saudi energy minister suggested."
Kuwait and Algeria also announced comments on the 24th, suggesting support for the energy minister's remarks.
Oil-producing countries seem to be wary of falling crude oil prices, and the focus is on whether OPEC+, which is scheduled to hold the next talks on the 5th of next month, will actually cut production.