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OPEC+ Makes Surprise 1 Million-Barrel Oil Production Cut - https://www.reuters.com/business/energy/sarabia-other-opec-producers-announce-voluntary-oil-output-cuts-2023-04-02/ SA/other OPEC+ producers announced voluntary cuts to their production amounting to around 1.15 mln bpd Last October OPEC+ agreed to output cuts of 2 mln bpd from November until the end of the year Sunday's unexpected voluntary cuts, which start from May, come in addition to the ones already agreed in October Russia also said on Sunday that Moscow would extend a voluntary cut of 500,000 bpd until the end of 2023. Moscow announced those cuts unilaterally in February following the introduction of Western price caps. The Saudi energy ministry said in a statement that the kingdom's voluntary cut was a precautionary measure aimed at supporting the stability of the oil market. Oil prices fell to 15-month lows earlier this month in response to the banking crisis that followed the collapse of two U.S. lenders and resulted in Credit Suisse being rescued by Switzerland's biggest bank UBS.