OPEC+ members extend oil output cuts through June

OPEC+ member nations have reached an agreement to extend voluntary crude oil production cuts for the second quarter. The move aims to stabilize oil prices by reducing supply. The coalition, consisting of top oil-producing countries, had announced voluntary cuts of 2.2 million barrels per day in November. Under the new agreement, Saudi Arabia, Russia, and Iraq will cut their production by adjusted amounts. Despite rising retail gas prices, analysts believe a surge in crude oil prices is unlikely due to robust production in the United States. The Energy Information Administration reported an increase in oil refinery inputs, crude oil stock, and gasoline production.