OPEC+ to extend most oil cuts into April, Saudi to keep voluntary cut

OPEC and its allies agreed to extend oil cuts by one month into April, offering small exemptions to Russia and Kazakhstan, after deciding that the demand recovery from the coronavirus pandemic was still fragile despite a recent oil price rally. OPEC’s leader Saudi Arabia said it would extend its voluntary oil output cut of 1 million barrels per day (bpd), and would decide in coming months when to gradually phase it out.

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