Some OPEC+ members consent to extend voluntary cuts to Q2: Reuters sources

Some members of OPEC and allies led by Russia (OPEC+) have agreed to extend voluntary first-quarter oil output cuts into the second quarter, sources said on Sunday.

OPEC+ in November agreed to voluntary cuts totalling about 2.2 million barrels per day (bpd) for the first quarter, led by Saudi Arabia rolling over its own voluntary cut.

OPEC+ has implemented a series of output cuts since late 2022 to support the market amid rising output from the United States and other non-member producers and worries over demand as major economies grapple with high interest rates.

Oil prices have found support from rising geopolitical tensions due to attacks by the Iran-aligned Houthi group on Red Sea shipping, although concern about economic growth and high interest rates has weighed. Brent futures for May settled $1.64 higher, or 2%, at $83.55 a barrel on Friday.

Sources told Reuters last week OPEC+ would consider extending oil output cuts into the second quarter, with one saying it was "likely".

OPEC+ member countries announce the cuts individually. Kuwait said it would cut its oil output by 135,000 barrels a day (bpd) through June, while Algeria will cut its output by 51,000 bpd.

Reuters