The OPEC+ April surprise

GULF COUNTRIES - Report 03 Apr 2023 by Justin Alexander

* Saudi Arabia, UAE, Kuwait and Oman are cutting production by -4.8% from May.
* Four other OPEC+ members made similar commitments, and Russia extended its existing voluntary cut.
* Overall, the actual cuts committed to are more than those announced in October.
* Prices have rallied by about 6%, and some forecasters expect the gains to hold all year.
* The UAE will produce at about a third below capacity, vs about -15% for KSA and -10% for Kuwait and Oman.

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