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The Organization of the Petroleum Exporting Countries Plus, in its latest meeting, agreed to extend production cuts from March to April 2021.
Saudi Arabia would continue its voluntary cuts of 1mnbopd (total cuts: ~2.9 million barrels of oil per day), while Russia and Kazakhstan would be allowed to ease cuts by a total of 150kbopd.
Thus, total OPEC+ production cuts still stand at ~8mnbopd (versus pre-Covid-19 levels).
Brent oil prices have spiked on the back of this extension, against the expected easing of production cuts by 0.5mnbopd, along with Saudi Arabia rolling back its voluntary incremental cuts of 1mnbopd.
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