This sustainable output cut strategy will last until April 2022, starting with a reduction of 10 million bpd during May and June.
OPEC+ has made the largest oil output cut in history.
The move points to the alliance seeking to balance the oil market over the medium-term rather than working on a short-lived recovery.
The aim of Saudi Arabia remains to ensure energy security through sustainable pricing and sufficient supplies at a level that stimulates upstream projects.
However, facing such unprecedented headwinds, it is still too early to know if the agreed 10 million barrel