DUBAI: OPEC+ members led by Saudi Arabia and Russia agreed on Sunday (Mar 3) to extend voluntary oil output cuts into the second quarter, sources said, giving extra support to the market amid concerns over global economic growth.
Saudi Arabia, the de facto leader of the Organization of the Petroleum Exporting Countries (OPEC), said it would extend its voluntary cut of 1 million barrels per day (bpd) through the end of June, leaving its output at around 9 million bpd.
The cuts would be reversed gradually, according to market conditions, state news agency SPA said.
Russia, which leads OPEC allies collectively known as OPEC+, will cut oil production and exports by an additional 471,000 bpd in the second quarter, in coordination with some OPEC+ participating countries, Russian Deputy Prime Minister Alexander Novak said.
OPEC+ in November agreed to voluntary cuts totalling about 2.2 million bpd for the first quarter, led by Saudi Arabia rolling over its own voluntary cut.
OPEC+ members announce the cuts individually. Iraq will extend its 220,000 bpd output cut, UAE will extend its 163,000 bpd output cut and Kuwait will extend its 135,000 bpd output cut, the three OPEC producers said in separate statements. Algeria also said it would cut by 51,000 bpd and Oman by 42,000 bpd.
