Russia extends oil output cuts through June.

Russia will continue to cut its oil production by 500,000 barrels per day until the end of June, according to Deputy Prime Minister Alexander Novak. Novak cited Western energy embargoes against Russia and attempts to cap the price of Russian oil as reasons for the global oil market's unprecedented pressure. The cut is in addition to an agreement by OPEC+ to reduce supply, and a ministerial panel from the group is scheduled to meet on April 3 to discuss market conditions.