"OPEC+ Extends Crude Supply Cuts to Boost Oil Prices"
TL;DR
Saudi Arabia, Russia, and other OPEC+ producers have agreed to extend their voluntary crude supply cuts until the end of June, with Saudi Arabia maintaining a 1 million barrels per day cut and Russia reducing its production and export supplies by 471,000 barrels per day. The decision comes amid a stagnant oil price, ongoing geopolitical tensions, and lower demand due to seasonal refinery maintenance in China. These voluntary cuts do not require unanimous consent and will be reassessed in June during the next OPEC+ policy negotiations.
Topics:businessenergy-international-relations#crude-oil#energy-international-relations#opec#production-cuts#russia#saudi-arabia
- Saudi Arabia, Russia and several OPEC+ producers extend voluntary crude supply cuts until end of June CNBC
- OPEC+ Extends Oil Cuts, With Russia Bolstering Its Effort Bloomberg
- OPEC Agrees to Extend Output Cuts Till Mid-Year OilPrice.com
- OPEC+ extends cuts on crude output to midyear (NYSEARCA:XLE) Seeking Alpha
- OPEC+ members extend production cuts in bid to boost oil price Financial Times
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