Overview

• OPEC+ members, led by Saudi Arabia and Russia, agree to extend oil output cuts into the second quarter to prevent a global surplus.
• Saudi Arabia to continue its voluntary cut through June, while Russia commits to reducing oil production and exports by an additional 471,000 barrels per day.
• The extended cuts are part of efforts to stabilize oil prices amid concerns over a potential global surplus and uncertain economic outlook in key markets like China.
• Implementation challenges persist, as some members, including Iraq and Kazakhstan, have previously pumped above their quotas.
• The decision may face reevaluation in June, with global demand growth slowing and new supply from the Americas expected to rise.