Saudi Arabia is reportedly ready to extend current OEPC+ production cuts over May and June and also keep cutting 1 million bpd in oil output unilaterally, according to an unnamed source who spoke to Reuters. OPEC+ hasn't significantly eased oil production since January when the collective output was increased by 500,000 bpd from 7.
7 million bpd in December to 7.2 million bpd. Considering the still weak global demand, OPEC+ decided in January to give Russia and Kazakhstan small increases for February and March, keeping overall production…Saudi Arabia Ready To Extend Huge Oil Cuts Into June
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