The Organization of the Petroleum Exporting Countries and its allies (OPEC+) are looking into the possibility of further cuts early next year in an effort to try and revitalize the oil market.

Russia’s top producing oil region in Western Siberia is expected to cut production by 15% in line with the OPEC+ cuts.

UAE’s Minister of Energy,  Suhail bin Mohammed Faraj Faris Al-Mazrouei, announced that the UAE will voluntarily cut its oil output by 2.5% (100,000 barrels per day (bpd)) in June to rebalance the global oil market.

The Organization of the Petroleum Exporting Countries and its allies (OPEC+) agreed to cut overall oil production by 10 million barrels per day (mmbbl/d) effectively from May 1 through June 30, 2020.