MOSCOW, Apr 23 (PRIME) -- Algeria has notified the other OPEC plus agreement members that it will start to reduce oil production immediately, while Kuwait has already started to cut supplies to the market, Bloomberg reported on Thursday, citing a delegate with knowledge of the situation.
Under the deal, Algeria is to reduce 241,000 barrels per day.
On April 12, the OPEC+ countries agreed to reduce their oil production by 9.7 million barrels per day in May–June, by 7.7 million barrels per day in July–December, and by 5.8 million barrels per day from January 2021 through April 2022.
Russia’s share in the reduction will amount to 2.5 million barrels per day in May–June. The agreement is valid until April 30, 2022, but the members will revise its prolongation in December 2021.
The agreement is s to enter in force on May 1.
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