The group of major oil producing nations known as OPEC+ reportedly agreed Sunday to extend voluntary oil output cuts into the second quarter.
The group is led by Saudi Arabia and Russia.
OPEC+ members have said the decision to cut output is over concerns about global economic growth.
Saudi Arabia, which effectively leads the Organization of the Petroleum Exporting Countries, said it would extend its voluntary cut of 1 million barrels per day through the end of June, according to Reuter.
leaving its output at around 9 million bpd. The cuts would be reversed gradually according to market conditions, state news agency SPA said.
In November, OPEC+ in agreed to voluntary cuts totaling roughly 2.2 million barrels per ay for the first quarter, led by Saudi Arabia’s voluntary cuts.
