OPEC+ oil alliance announces surprise production cuts from May

Saudi Arabia and other OPEC+ oil producers have announced voluntary cuts, starting in May, to their production, amounting to about 1.15 million barrels per day (bpd) and calling it a “precautionary measure” aimed at market stability.  These voluntary cuts come in addition to the 2 million bpd output cuts agreed upon by OPEC+ in October, 2022.