OPEC+ members announced extensions to oil production cuts

Moscow, Riyadh and several other OPEC+ members announced extensions to oil production cuts first announced in 2023.

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These cuts are part of an agreement among oil producers to boost prices following economic uncertainty.

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The OPEC+ oil alliance of 22 nations has implemented supply cuts of more than five million barrels per day (bpd) since the end of 2022.

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The Organization of the Petroleum Exporting Countries (OPEC) is an alliance of 12 members headed by Saudi Arabia.

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In 2016, OPEC alliance formed OPEC+ with an additional 10 countries, including Moscow, to ease prices following US competition.

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