OPEC+ Agrees On Extending Record Output Cuts

OPEC and its partners concluded their meeting on Saturday afternoon, announcing that it would extend its current production cut deal. Algeria’s Energy Minister Mohamed Arkab, OPEC’s current President summed up the group’s sentiment by saying that “Despite the progress achieved to date, we cannot afford to rest on our laurels,”.The last couple of days, the cartel’s de-facto leader Saudi Arabia negotiated with other OPEC members and some non-OPEC countries including Russia, Kazakhstan and Azerbaijan to extend the current…