OPEC+ Decides To Gradually Curb Output Cuts As Demand Concerns Persist

OPEC and non-OPEC partners, a group sometimes referred to as OPEC+, met on Thursday to discuss the group’s production policy going forward. The alliance decided to gradually curb production cuts beginning in May. The OPEC+ alliance is currently cutting by just over 7 million barrels per day in an attempt to prop up prices and reduce oversupply. OPEC kingpin Saudi Arabia has voluntarily added an additional 1 million barrels per day to those cuts. The ongoing coronavirus crisis continues to cloud the outlook for the remainder of the year, and analysts expect this to reaffirm Saudi Arabia’s caution about the global economic recovery.

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