OPEC producers to continue cuts of 2.2 million bpd
Russia to deepen oil output cuts, ease export limits
Oil seen opening stronger when trading resumes PVM

DUBAI, Reuters OPEC members led by Saudi Arabia and Russia agreed on Sunday to extend voluntary oil output cuts of 2.2 million barrels per day into the second quarter, giving extra support to the market amid concerns over global growth and rising output outside the group.

Saudi Arabia, the de facto leader of the Organization of the Petroleum Exporting Countries OPEC, said it would extend its voluntary cut of 1 million barrels per day bpd through the end of June, leaving its output at around 9 million bpd.

Russia, which leads OPEC allies collectively known as OPEC, will cut oil production and exports by an extra 471,000 bpd in the second quarter. Russian Deputy Prime Minister Alexander Novak gave new figures showing that cuts from production will make up a rising proportion of the measure.

Oil has found support in 2024 from rising geopolitical tensions and Houthi attacks on Red Sea shipping, although concern about economic growth has weighed. While OPEC was widely expected to keep the cuts in place, Russia39;s announcement could bolster prices further.

There was a surprise from Russia, said UBS analyst Giovanni Staunovo, who called the developments largely expected.

If the Russian cuts are fully implemented additional barrels would be removed from the market. So that is a surprise move no one expected and…