OPEC+ Considers Keeping Oil Cuts Unchanged Through April

The OPEC+ group is considering keeping their collective oil production cuts in April, given the still-fragile global demand recovery, three OPEC+ sources told Reuters on Wednesday. OPEC and its non-OPEC allies led by Russia are keeping around 7 million barrels per day (bpd) off the market to help the market rebalance and prop up prices after the pandemic shock to demand. OPEC’s top producer and the world’s top exporter, Saudi Arabia, is also additionally cutting 1 million bpd in February and March on top of its quota. The market has…