Posted 3/4/2024, 8:18:17 AM
OPEC+ Extends Oil Output Cuts While Russia Announces Deeper Reductions, Boosting Prices Amid Tightening Supply and Middle East Worries
- OPEC+ agreed to extend production cuts for another quarter, supporting oil prices
- Russia surprised by announcing deeper cuts of 471,000 bpd in Q2 while easing export curbs
- Oil prices responding to both OPEC+ deal and Gaza crisis stalemate
- Signs of physical market tightness also pushing crude prices higher
- Output cuts reducing supply amid worries about Middle East tensions