OPEC+ extends production cuts as Riyadh and Moscow find common ground
On March 4, OPEC+ members agreed to maintain their current production cut levels into April, and the Saudi- and Russia-led cartel’s decision further strengthened the upward trajectory of oil prices. While there were differing opinions among the OPEC+ members regarding the state of the global economy, the group’s unanimous decision reflects Riyadh’s current take on the markets, which is that the health of the world’s economy remains fragile as the recovery from the pandemic continues.