OPEC+ keeps steep oil cuts in place for April

Going into April, OPEC+ is set to maintain current supply levels, with most members and allies agreeing to extend their production cuts into the next month, including Saudi Arabia’s voluntary additional cuts. Russia and Kazakhstan have been allowed to increase their production by  130,000 b/d and 20,000 b/d respectively. With uneven vaccine rollouts and strict lockdown measures, oil demand continues to be precarious, prompting the produced group to maintain its production cuts.