CNN —
OPEC+ member nations have agreed to extend their voluntary cuts to crude oil production through the second quarter, the group announced Sunday. The move is a part of the group’s perpetual balancing act to stabilize oil prices by reducing supply.
OPEC+, a coalition of the world’s top oil producing countries, had announced voluntary oil cuts of 2.2 million barrels per day in November. Sunday’s extension loosened some of the larger production stoppages. Saudi Arabia, the leading oil exporter, will still cut 1 million barrels per day, but Russia and Iraq will cut 471,000 and 220,000
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