Iraq, Algeria, Saudi Arabia, the United Arab Emirates and Kuwait announced on Sunday their oil production cuts, with the Gulf oil giants saying it was a “precautionary measure” aimed at “stabilizing the market”.

Riyadh, Abu Dhabi and Kuwait will reduce their production by a total of 772,000 barrels per day, from May until the end of the year, the three Gulf countries said in statements released by their respective official media.

This is a “precautionary measure aimed at supporting the stability of the oil market,” a senior Saudi Energy Ministry official said, according to the Saudi official SPA news agency.

Baghdad, one of the biggest oil producers, also announced today a reduction by 211,000 barrels on the day of its production from May 1.

Algiers, for its part, is proceeding with a “voluntary reduction 48,000 barrels per day, from May until the end of 2023, in coordination with some OPEC member and non-member countries,” according to a statement by the Algerian Ministry of Energy, reported by local news agency APS.

Moscow – a member of OPEC + – announced for its part that it is extending the reduction in crude oil production by 500,000 barrels per day until the end of the year, according to a statement from the Deputy Prime Minister in charge of Energy, Alexander Novak, who speaks of a “period of uncertainty” in the black gold market.

The overall decline in oil production exceeds 1.5 million barrels per day.

Last October, US President Joe Biden expressed his disappointment with OPEC+’s decision to cut oil production, while stressing that Washington is evaluating its alternatives.