Multiple oil producing countries announced on April 2nd that they will voluntarily reduce crude oil production from May until the end of 2023.

Saudi Arabia announced that it will voluntarily reduce its daily crude oil production by 500000 barrels from May until the end of 2023; The United Arab Emirates announced a reduction of 144000 barrels; Kuwait announced a reduction of 128000 barrels; Iraq announced a reduction of 211000 barrels; Algeria announced a reduction of 48000 barrels; Kazakhstan announced a reduction of 78000 barrels; Oman announced a reduction of 40000 barrels.

In addition, major production countries voluntarily extended the measure of reducing oil production by 500000 barrels per day until the end of 2023 based on the average production level in February.

Novak emphasized that considering the current state of the global oil market, the country has taken the aforementioned responsible preventive measures. Due to the ongoing financial crises in the United States and Europe, coupled with global economic uncertainty and unpredictable decisions in energy policies, the global oil market is experiencing periods of high volatility and unpredictability.