Saudi Arabia rolls over 1 million-barrels-a-day cut
OPEC+, made up of the Organization of the Petroleum Exporting Countries and its allies, including Russia, will extend voluntary production cuts into the second quarter, Saudi Arabia’s official press agency said Sunday.
Citing an Energy Ministry source, the Saudi press agency said Saudi Arabia would extend its voluntary production cut of 1 million barrels a day, which was implemented in July 2023, until the end of the second quarter in coordination with some OPEC+ participating countries. The announcement “does not come as a surprise. However, the decision sends a message of cohesion and confirms that the group in not in a hurry to return supply volumes, supporting the view that when this finally happens, it will be gradual ,” said Giacomo Romeo, an analyst at Jefferies, in a note.
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