OPEC+ plans to extend voluntary cuts in oil production until the second quarter, three sources from the organization told Reuters.
According to the British news agency, two of the sources also said that the group could keep the cuts in force until the end of the year.
Last November, the Organization of Petroleum Exporting Countries and allies led by Russia agreed to voluntary cuts totaling about 2.2 million barrels per day (bpd) for the first quarter of this year, led by Saudi Arabia, which extended its own voluntary cut.
Oil prices have found support this year in rising geopolitical tensions due to attacks by the Iran-aligned Houthi group on Red Sea shipping, although concerns about economic growth and high interest rates have weighed.
However, yesterday, Brent was trading close to 83 dollars per barrel.
For its part, the de facto leader of OPEC+, Saudi Arabia, stated that the cuts could continue after the first quarter, if necessary.
However, the issue has not yet been formally discussed by OPEC+, according to both sources. A decision on the extent of the cuts is expected in the first week of March, they added.
