OPEC+ Extends Oil Supply Cutbacks in Effort to Stabilize Global Prices
OPEC+ Boosts Measures to Avoid Surplus and Bolster Prices
OPEC+ countries have unanimously agreed to prolong their ongoing oil supply cutbacks until the end of June. The organization aims to prevent a worldwide surplus of oil reserves and provide support to oil prices. The combined reduction in oil production, currently estimated to be around 2 million barrels per day, will continue for the next few months, as confirmed by influential members such as Saudi Arabia and Russia.
Russia Prioritizes Production Cuts to Support OPEC+
Russia, a key non-OPEC+ nation, has declared its commitment to reinforcing the oil production cuts rather than focusing solely on oil exports. This strategic move from Russia indicates its determination to work alongside other oil-producing countries to stabilize the oil market, restore balance, and avoid a surplus of supply.
