OPEC+ extends oil-production cuts, signaling no rush to restore lost volume

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. The move was widely anticipated and signals that the producers are in no rush to restore lost volume to the market amid uncertainty over the outlook for demand, analysts said. Citing an Energy Ministry source, the Saudi press agency said Saudi Arabia would extend its volunta