OPEC+ to maintain oil production levels in April

Representatives of the Organization of Petroleum Exporting Countries and their allies (OPEC+) reported on Thursday (4), that they will maintain the levels of oil production set for the month of March, also in April.

The statement said Saudi Arabia has decided to extend its cut of 1 million barrels per day (bpd) in oil supply to April. The organization says there have been "positive contributions" from the current pact to "support a rebalancing in the global oil market."

However, Russia and Kazakhstan were the exception decided not to keep the agreement from March to The Month of April. The two countries said they could increase production by 130,000 and 20,000 bpd, respectively, "due to continued seasonal consumption patterns."

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