OPEC – Plus members decide to extend oil output cuts of 2.2 million barrels per day to 2nd quarter

Dubai: Members of the coalition of the world’s top oil-producing nations, OPEC – Plus have agreed to extend voluntary oil output cuts of 2.2 million barrels per day into the second quarter.

Saudi Arabia, the leader of the Organization of the Petroleum Exporting Countries, OPEC, today 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 move is a part of the group’s perpetual balancing act to stabilize oil prices by reducing supply.

OPEC – Plus had announced voluntary oil cuts of 2.2 million barrels per day in November. Sunday’s extension loosened some of the larger production stoppages. Russia and Iraq will cut 471,000 and 220,000 barrels, respectively, a downward adjustment from the 500,000 and 223,000 barrels each country initially announced.

UAE, Kuwait, and Kazakhstan followed suit, saying they would extend existing voluntary cuts till the end of June.