Producer countries pledge to cut production in the second quarter

The countries of the OPEC + group (OPEC plus Russia) have announced a further cut in their production, which will reduce supply by 471,000 barrels a day by the end of June. Current production cuts currently stand at 5.3 million barrels a day. Saudi Arabia, which alone is responsible for almost half the effort, has set itself a target oil price of $90 a barrel.
The producer countries will meet again at the beginning of June. A decision to increase production by this date could be taken if the market situation so warrants. For the time being, OPEC's production cuts are benefiting non-OPEC producer countries such as the United States, Canada, Brazil and Guyana, whose output is set to rise this year.