Saudi Vows Extra Cuts as OPEC+ Agrees to Small Increase in Oil Output

Saudi Arabia pledged additional, voluntary oil output cuts of one million barrels per day (bpd) in February and March as part of a deal under which most OPEC+ producers will hold production steady in the face of new coronavirus lockdowns, Reuters reported. Saudi is going beyond its promised cuts as part of the OPEC+ group of producers to support both its own economy and the oil market, Energy Minister Prince Abdulaziz bin Salman said on Tuesday. Benchmark Brent oil prices rose on the news, trading up almost 5% above $53 per barrel at 2023 GMT. The deal - under which most producers will hold output steady - followed two days of talks by OPEC+, which groups OPEC and others including Russia. Two members - Russia and Kazakhstan - will be allowed to bump up their output by a modest combined 75,000 bpd in February and a further 75,000 bpd in March. Read more.