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On April 2th, several oil-producing countries announced voluntary cuts in crude oil production from May to the end of 2023.

Saudi Arabia announced a voluntary cut of 500,000 barrels a day from May until the end of 2023; The United Arab Emirates said it would cut 144,000 barrels; Kuwait said it would cut 128,000 barrels; Iraq said it would cut 211,000 barrels; Algeria said it would cut 48,000 barrels; Kazakhstan said it would cut 78,000 barrels; Oman announced it would cut 40, 000 barrels.

     In addition, on April 2th, Russian Deputy Prime Minister Novak said that Russia has voluntarily extended its 500,000 b/d oil production cut until the end of 2023, based on February's average production level. And previously, Mr Novak had said Russia had voluntarily cut oil production by 500,000 barrels a day from early March to the end of June.