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OPEC+ Extends Oil Supply Cuts Until Mid-Year to Avert a Surplus - Bloomberg

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OPEC+ Extends Oil Cuts, With Russia Bolstering Its Effort - Bloomberg

OPEC+ Extends Oil Cuts, With Russia Bolstering Its Effort

- Group extends 2 million barrel-a-day curbs to mid-year
- Moscow to focus more on cuts to production than exports

An oil refinery, near Shubaytah, Saudi Arabia. Photographer: Patrick Hertzog/AFP/Getty Images

OPEC+ extended its oil supply cutbacks to the middle of the year in a bid to avert a global surplus and shore up prices.

The curbs — which on paper total roughly 2 million barrels a day — will remain in place until the end of June, according to statements from members such as Saudi Arabia, which accounts for half of the pledged reduction. Russia promised to strengthen its role by focusing more on cuts to production than exports.

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