Iraq and others to Reduce Oil Production; Oil Prices Surge

By John Lee.

Oil prices surged on Monday after several producers, including Iraq, announced an unexpected cut in production.

Iraq's Ministry of Oil said it has voluntarily decided to reduce production by 211,000 barrels per day (bpd), starting from May, and continuring until the end of 2023.

According to BBC, Saudi Arabia is reducing output by 500,000 bpd, with the UAE, Kuwait, Algeria and Oman also making cuts.

(Sources: Ministry of Oil, BBC)

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