Saudi Arabia Leads OPEC+ Oil Production Cuts Through June to Prop Up Prices
• Saudi Arabia to extend oil production cuts through June, in coordination with some other OPEC states • Cuts aim to bolster oil prices as growth in demand remains modest • OPEC+ not in a hurry to return supplies to the market • Saudi selling less oil than capable of producing as non-OPEC states increase production • Russia managed to produce more oil than expected after 2022 Ukraine invasion