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OPEC+ Extends Cuts, Russia Changes Make-Up
Eight Opec-plus producers agreed on Sunday to extend voluntary cuts of 2.2 million barrels per day until the end of the second quarter, in a move that was highly anticipated. Russia at the same time announced a change in the make-up of its voluntary commitment, reducing the volume cut from exports while introducing new cuts to output in the quarter. The decision indicated unity within the producer alliance, but also marked a cautious policy path as demand growth remains uncertain, observers said. A three-month rollover from Apr. 1 had been widely expected. This will allow the producer group to reassess later the ... (full story)