Saudi Arabia has agreed to cut its own output to one million barrels a day as the market struggles to recover from Covid. Oil producing countries grouped together under the OPEC+ alliance led by Saudi Arabia and Russia are expected to agree an extension to their current output cuts at a meeting on Thursday. Their third ministerial meeting of 2021 will be held via videoconference and is scheduled to start at 1200 GMT. "The producer alliance is virtually guaranteed to extend current oil cuts into May," according to Stephen Brennock of PVM, reflecting a widespread view among analysts. "It may even go a step further and prolong supply curbs into June," he added, with the possibility that Russ
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