OPEC+ members agree to extend voluntary cuts to Q2 - sources

OPEC and allies led by Russia (OPEC+) have agreed to extend voluntary first-quarter oil output cuts into the second, sources said on Sunday. OPEC+ in November agreed to voluntary cuts totalling about 2.2 million barrels per day (bpd) for the first quarter, led by Saudi Arabia rolling over its own voluntary cut. Sources told Reuters last week OPEC+ would consider extending oil output cuts into the second quarter, with one saying it was "likely".

OPEC and allies led by Russia (OPEC+) have agreed to extend voluntary first-quarter oil output cuts into the second, sources said on Sunday.

OPEC+ in November agreed to voluntary cuts totalling about 2.2 million barrels per day (bpd) for the first quarter, led by Saudi Arabia rolling over its own voluntary cut. OPEC+ has implemented a series of output cuts since late 2022 to support the market amid rising output from the United States and other non-member producers and worries over demand as major economies grapple with high interest rates.

Oil prices have found support from rising geopolitical tensions due to attacks by the Iran-aligned Houthi group on Red Sea shipping, although concern about economic growth and high interest rates has weighed. Brent crude LCOc1 was trading near $83 a barrel on Tuesday. Sources told Reuters last week OPEC+ would

consider extending oil output cuts into the second quarter, with one saying it was "likely".