Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria and Oman have basically extended the November 2023 output cut decision.

  • Saudi Arabia will keep its 1mn barrel per day voluntary crude production cut until the end of June — something it first began implementing in July 2023.

Russia said it'll implement a mix of crude production and export cuts totalling 471,000 b/d

  • for April it'll cut crude output by 350,000 b/d and exports by 121,000 b/d
  • for May crude production cut bumps up to 400,000 b/d, while the the cut to exports trims to 71,000 b/d
  • for June the cut is only for production, of 471,000 b/d


At the margin this'll be a tailwind for oil prices. Markets will reopen for the week at 6pm US Eastern time.