Key Points
(Reuters) Oil prices rose on Monday after OPEC+ members agreed to extend voluntary oil output cuts of 2.2 million barrels per day into the second quarter, largely in line with market expectations...
The output cuts by the Organization of the Petroleum Exporting Countries and its allies (OPEC+) are expected to cushion the market amid global economic concerns and rising output outside the group, with Russias announcement surprising some analysts...
Russia will cut its oil output and exports by an additional 471,000 barrels per day (bpd) in the second quarter, in coordination with some OPEC+ participating countries, its Deputy Prime Minister Alexander Novak said on Sunday...
Output cuts by the OPEC+ alliance continue to reduce supply as the market worries about the renewed tensions in the Middle East, ANZ analysts said in a note on Monday.. Rising geopolitical tensions due to the Israel-Hamas conflict and Houthi attacks on Red Sea shipping have supported oil prices in 2024, although concern about economic growth has weighed...
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