Dubai | London | OPEC+ extended its production cuts as it seeks to bolster a fragile market, but also set a date to begin bringing some oil back online later this year.
The agreement reached in Riyadh late on Sunday exceeds market expectations in some ways, extending so-called “voluntary” cuts from key members including Saudi Arabia and Russia well into next year. However, it also begins rolling back those supply reductions in October, earlier than some OPEC-watchers had assumed.
