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OPEC+ Extends Oil Cuts in Win for Saudi-Russian Alliance

  • Iraq, Nigeria say they’ll make up for missing output targets
  • Brent crude prices could rise to $50 a barrel, says WoodMac
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Photographer: Joe Klamar/AFP via Getty Images

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OPEC+ agreed to a one-month extension of its record oil-production cuts and adopted a stricter approach to ensuring members don’t pump more than they pledged.

The deal will underpin the oil market’s recovery, easing the financial pain felt by resource-dependent emerging economies, shale explorers in Texas, and blue-chip companies such as Royal Dutch Shell Plc.