From June, Saudi Arabia is cutting an extra 1 million bpd, the UAE an extra 100 000 bpd, and Kuwait an extra 80 000 bpd.
Oil prices stopped rising on Wednesday as the market started realising that crude storages continue to fill, after days of prolonged gains.
Rystad has warned however that stock build will still overwhelm remaining global storage, which will fill in weeks.
Following OPEC+'s agreement to cut oil production by 9.7 million bpd from 1 May 2020, Azerbaijan has announced the commitments it will take as a member.
Nigeria’s state oil company has delayed publishing its future oil export plans as it negotiates with local companies and international majors about how to cut output.
Rystad Energy’s Head of Oil Markets, Bjornar Tonhaugen, has supplied a daily market comment, as oil prices rose slightly today before returning to flatter levels with marginal deviations.
The world's leading oil producers reached a deal over the weekend to cut global output by approximately 10%.
In the event of another deadlocked meeting on 6 April, Saudi Arabia will suffer a bigger hit than Russia with regards to the impact on oil and gas revenues, fiscal breakeven price, fiscal deficit and foreign currency reserves, budget deficits and domestic policy.