"OPEC+ Extends Oil Output Cuts Through June, Russia Deepens Cuts"
TL;DR Summary
OPEC+ members, led by Saudi Arabia and Russia, have agreed to extend voluntary oil output cuts of 2.2 million barrels per day into the second quarter, with Saudi Arabia maintaining a cut of 1 million barrels per day and Russia deepening its cuts. The decision aims to provide support to the global oil market amidst concerns over economic growth and rising output from non-OPEC+ producers. The move is expected to open oil trading stronger and signals the group's commitment to gradual supply increases based on market conditions.
- OPEC+ members extend oil output cuts to second quarter Reuters
- Saudi Arabia, Russia and several OPEC+ producers extend voluntary crude supply cuts until end of June CNBC
- OPEC+ extends oil-production cuts, signaling no rush to restore lost volume MarketWatch
- OPEC to Extend Oil Production Cuts Through June The New York Times
- Russia says to deepen oil output cuts while easing export limits Reuters
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