Saudi Arabia is reportedly ready to extend current OPEC+ production cuts over May and June and also keep cutting 1 million bpd in oil output unilaterally, according to an unnamed source who spoke to Reuters. OPEC+ hasn’t significantly eased oil production since January when the collective output was increased by 500,000 bpd from 7.7 million bpd in December to 7.2 million bpd. Considering the still weak global demand, OPEC+ decided in January to give Russia and Kazakhstan small increases for February and March, keeping overall production little changed. Since then, the cartel has remained cautious with any production changes as exempt OPEC members Libya and Iran kept increasing their production rates while the pandemic situation in some key markets remained more dynamic than oil producers would have liked. With some European countries tightening movement restrictions further amid yet another spike in infections and the United States also reporting higher […]