Saudi Arabia promises extra cuts as OPEC+ agrees to slight increase in output

While most OPEC+ producers have agreed to hold outputs steady for the months of February and March, Saudi Arabia has agreed to extend its voluntary additional cuts over the next two months in support of a strong oil market recovery. The only two producers to increase production are Russia and Kazakhstan, who have been allowed to increase output by a combined 75,000 bpd in February and a further 75,000 bpd in March.