OPEC+ members led by Saudi Arabia and Russia agreed on March 3 to extend voluntary oil output cuts into the second quarter. Saudi Arabia, the de facto leader of the Organization of the Petroleum Exporting Countries (OPEC), said it would extend its voluntary cut of through the end of June. Russia, which leads OPEC allies collectively known as OPEC+, will cut oil production and exports by an additional 471,000 barrels per day in the second quarter in coordination with some OPEC+ participating countries, Russian Deputy Prime Minister Aleksandr Novak said.
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