Riyadh wants OPEC+ to extend oil cuts
Saudi Arabia is prepared to support extending oil cuts by OPEC and its allies into June and is also ready to prolong its own voluntary cuts to boost prices amid a new wave of coronavirus lockdowns, a source briefed on the matter said. After steady oil price gains earlier this year, OPEC and its allies, known as OPEC+, had hoped to ease output cuts. But a fresh wave of lockdowns to prevent a new surge in the virus has pushed oil off this year’s highs, and four OPEC+ sources told Reuters this would most likely encourage the group to extend cuts into May when it meets on Thursday. A Saudi oil source said on Tuesday OPEC+ had not taken any decision yet and discussions about policy had yet to start.
Published in The Express Tribune, March 31st, 2021.
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