The total amount of crude oil output cuts by OPEC+ member countries will amount to 1.16 million barrels per day from May 2023 to December 2023. Saudi Arabia, one of the world's largest oil producers, announced that its voluntary oil output reduction would amount to some 500,000 barrels per day (b/d), which would be by far the highest output cut among the OPEC+ countries. This was followed by Iraq, which plans to decrease its output by 211,000 b/d.
The announcement that OPEC+ countries' plan to cut oil outputs from May 2023 through December 2023 was a surprise, and the move is expected to increase oil prices by as much as 10 U.S. dollars per barrel according to some analysts.
Crude oil production cuts by OPEC+ member countries from May 2023 to December 2023
(in 1,000 barrels per day)
Characteristic
Output cuts in thousand barrels per day
Saudi Arabia
500
Iraq
211
United Arab Emirates
144
Kuwait
128
Kazakhstan*
78
Algeria
48
Oman*
40
Gabon
8
0100200300400500600
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OPEC joined forces with ten other oil producing countries to create OPEC+. Mentioned countries other than Oman and Kazakhstan are classified as OPEC members according to the source.
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Reuters. (April 3, 2023). Crude oil production cuts by OPEC+ member countries from May 2023 to December 2023 (in 1,000 barrels per day) [Graph]. In Statista. Retrieved April 08, 2025, from https://www.statista.com/statistics/1377843/opec-plus-oil-output-decrease-by-member-state/
Reuters. "Crude oil production cuts by OPEC+ member countries from May 2023 to December 2023 (in 1,000 barrels per day)." Chart. April 3, 2023. Statista. Accessed April 08, 2025. https://www.statista.com/statistics/1377843/opec-plus-oil-output-decrease-by-member-state/
Reuters. (2023). Crude oil production cuts by OPEC+ member countries from May 2023 to December 2023 (in 1,000 barrels per day). Statista. Statista Inc.. Accessed: April 08, 2025. https://www.statista.com/statistics/1377843/opec-plus-oil-output-decrease-by-member-state/
Reuters. "Crude Oil Production Cuts by Opec+ Member Countries from May 2023 to December 2023 (in 1,000 Barrels per Day)." Statista, Statista Inc., 3 Apr 2023, https://www.statista.com/statistics/1377843/opec-plus-oil-output-decrease-by-member-state/
Reuters, Crude oil production cuts by OPEC+ member countries from May 2023 to December 2023 (in 1,000 barrels per day) Statista, https://www.statista.com/statistics/1377843/opec-plus-oil-output-decrease-by-member-state/ (last visited April 08, 2025)
Crude oil production cuts by OPEC+ member countries from May 2023 to December 2023 (in 1,000 barrels per day) [Graph], Reuters, April 3, 2023. [Online]. Available: https://www.statista.com/statistics/1377843/opec-plus-oil-output-decrease-by-member-state/
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