Opec+ members led by Saudi Arabia and Russia have extended the latest round of voluntary cuts to oil production for another three months, as they attempt to boost prices that have remained subdued in spite ongoing geopolitical tensions.
The curbs were due to expire at the end of March but will continue until the end of June, according to Saudi Arabia’s state news agency.
The measures add to a series of output cuts by Opec+ members since 2022 designed to support prices amid rising US production and tepid global demand. Since the latest voluntary cuts came into effect in January they have lowered the combined production targets of members by about 2.2mn barrels a day.
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