{"id":4660,"date":"2023-04-05T16:14:30","date_gmt":"2023-04-05T16:14:30","guid":{"rendered":"http:\/\/roydadnaft.ir\/English\/?p=4660"},"modified":"2023-04-05T16:14:31","modified_gmt":"2023-04-05T16:14:31","slug":"opec-output-cuts-to-stabilize-oil-market","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/4660\/","title":{"rendered":"OPEC+ output cuts to stabilize oil market"},"content":{"rendered":"<div class=\"entry-content\" itemprop=\"description\">\n<p>Iran\u2019s former OPEC governor said the recent decision OPEC+ made to cut its output will put the brakes on the reduction of oil prices and stabilize the market.<\/p>\n\n\n\n<p>In an interview, Mohammad Ali Khatibi added the OPEC+ move will certainly cause oil prices in the global market to surge.<\/p>\n\n\n\n<p>Although the voluntary move will have an impact on oil prices, it will also affect supply and demand and could reduce demand, opined the expert.<\/p>\n\n\n\n<p>Khatibi said oil output should be proportionate to the market\u2019s demand.<\/p>\n\n\n\n<p>The OPEC+ alliance \u2013 comprising OPEC and non-OPEC oil producers \u2013 shocked the market over the weekend by announcing further voluntary cuts amounting to 1.66m barrels per day from May to December 2023.<\/p>\n\n\n\n<p>Saudi Arabia said it will cut output by 500,000 bpd while Iraq will reduce its production by 211,000 bpd, according to official statements.<\/p>\n\n\n\n<p>The United Arab Emirates said it will cut production by 144,000 bpd, Kuwait announced a cut of 128,000 bpd while Oman\u2019s cut will be 40,000 bpd and Algeria\u2019s 48,000 bpd. Kazakhstan will also cut output by 78,000 bpd.<\/p>\n\n\n\n<p>Russia said it will extend a voluntary cut of 500,000 bpd until the end of 2023.<\/p>\n<div class=\"post-date no-social-btn post-updated\">Updated on<time class=\"updated dt-updated\" itemprop=\"dateModified\" datetime=\"2023-04-05T16:14:31+00:00\"> 5 April 2023<\/time><\/div><\/div>","protected":false},"excerpt":{"rendered":"Iran\u2019s former OPEC governor said the recent decision OPEC+ made to cut its output will put the brakes on the reduction of oil prices and stabilize the market. In an interview, Mohammad Ali Khatibi added the OPEC+ move will certainly cause oil prices in the global market to surge. Although the voluntary move will have [&hellip;]","protected":false},"author":1,"featured_media":4661,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[17,36,19,16,1],"tags":[],"services":[],"class_list":["post-4660","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-lastnews","category-news","category-oil","category-opec"],"_links":{"self":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts\/4660","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/comments?post=4660"}],"version-history":[{"count":0,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts\/4660\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media\/4661"}],"wp:attachment":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media?parent=4660"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/categories?post=4660"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/tags?post=4660"},{"taxonomy":"services","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/services?post=4660"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}