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Saudi Arabia is prepared to support extending oil cuts by OPEC and allies into May & June as a result of the new wave of lockdowns, according to a report by Reuters.
Over the last week, oil prices have made a steady gains since the Suez Canal fiasco.
As of 3/29/2021 : 9:00pm CST
Reuters also said that, last week, four OPEC+ members also echoed that they are in favor of extending the cuts as a result of the new lockdowns.
The cuts currently stand at just over 7 million barrels per day plus an additional 1 million bpd voluntary reduction by Saudi Arabia.
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