The cuts involve OPEC led by Saudi Arabia as well as non-OPEC producers led by Russia. Together their cuts currently stand at just over 7 million barrels per day plus an additional 1 million bpd voluntary reduction by Saudi Arabia.(File pic show the Opec logo at its headquarters)
DUBAI/LONDON/MOSCOW: Saudi Arabia is prepared to support extending oil cuts by OPEC and allies into May and June and is also ready to extend its own voluntary cuts to boost oil prices amid a new wave of coronavirus lockdowns, a source briefed on the matter said on Monday.
With oil prices making steady gains earlier this year, OPEC and allies, known as OPEC+, had hoped to ease output cuts.
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