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Saudi Arabia announced it will extend cuts in oil production until June. The state claims the move will stabilize and balance the oil market. These cuts are voluntary, yet Saudi Arabia acting as the De Facto leader of OPEC can influence other member states. The UAE and Kuwait state they will continue their reductions. Such action is deemed precautionary with the volatility of the oil market. 

OPEC to Extend Oil Production Cuts Through June

Saudi Arabia announced it will extend cuts in oil production until June. The state claims the move will stabilize and balance the oil market. These cuts are voluntary, yet Saudi Arabia acting as the De Facto leader of OPEC can influence other member states. The UAE and Kuwait state they will continue their reductions. Such action is deemed precautionary with the volatility of the oil market. 

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