OPEC+ Affirms Commitment to Oil Cuts, Defers Decision to Extend

Saudi minister confident group will hit output target in March
April would be too soon to decide whether longer cuts needed

Saudi Arabia’s Khalid Al-Falih says the oil market is still oversupplied.Source: Bloomberg

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By Dina Khrennikova, Annmarie Hordern, Salma El Wardany, and Grant Smith

March 17, 2019 at 4:30 PM UTC

Updated on

March 18, 2019 at 11:59 AM UTC

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Saudi Arabia led fellow members of the OPEC+ coalition to reaffirm their commitment to output cuts, but conceded they should defer until June the decision on whether to extend the curbs.

A committee of the most influential members in the 24-nation alliance, which includes Russia, Iraq and the United Arab Emirates, agreed to go beyond their pledged supply curbs in the coming months. They also recommended canceling a planned April meeting, saying it would be too soon to determine whether the cuts should continue into the second half.