The Organization of Petroleum Exporting Countries convened with a group of 10 countries led by Russia over the weekend in order to discuss a further reduction of oil and gas output from the levels that were agreed upon in December. The group came to a consensus to extend production cuts through June even though Russia and Saudi Arabia, two of the largest producers, disagreed on the proper length of the extension. Saudi officials advocated for continuing the cuts through the end of the year, but Russia expressed no interest in extending the cuts beyond June.
Output shortfalls in Venezuela and Iran have also hindered global oil-production and kept prices at a comfortable range for the organization.
