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OPEC+ on Sunday decided to extend cutbacks on oil production through the first half of the year to support prices by warding off a surplus.
The curbs of 2 million barrels a day will remain until the end of June, Bloomberg News reported, citing delegates who asked not to be named because the information isn’t public. Saudi Arabia makes up half of the promised cuts to production.
Brent crude (CO1:COM), a global benchmark for oil prices, has traded at about $80 a barrel this year as adequate supplies offset disruptions to shipping in the Middle East because of regional conflicts.
Traders and analysts had expected the energy cartel to extend the production cuts, Bloomberg News reported. Organization of Petroleum Exporting Countries and its partners such as Russia face a seasonal decline in oil consumption and rising production from rivals that include U.S. shale drillers.
