OPEC+ Extends Oil Supply Cuts to Support Prices Amid Global Surplus Concerns
The decision aims to stabilize the market and is expected to remain in effect until the end of June, with major contributors including Saudi Arabia and Russia.
- 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.
CNBC 
CNA 
Associated Press 
CNN 
The Telegraph 
RFE/RL 
NDTV 
Financial Post 
