OPEC+ producers have unexpectedly announced they will limit output. Consumers of fuel products in Ghana and other countries in the world are expected to pay more for fuel in the upcoming months due to this new development.
On Sunday, the Organization of Petroleum Exporting Countries (OPEC) stated that Saudi Arabia would begin “a voluntary reduction” in its crude oil production.
According to a Saudi Ministry of Energy official quoted by the Saudi state-run news agency SPA, the cuts will begin in May and continue through the end of the year.
SPA claims that the cuts are in addition to those made known by OPEC+ in October.
That month, oil producers had agreed to slash output by 2 million barrels a day, the largest cut since the start of the pandemic and equivalent to about 2% of global oil demand.
Saudi Arabia now says it will cut oil production by another half a million barrels a day.
Meanwhile, Iraq will slash production by 200,000 barrels per day, and the United Arab Emirates will decrease output by 144,000 barrels per day.
Kuwait, Algeria and Oman will also lower production by 128,000, 48,000 and 40,000 barrels per day, respectively.
