With oil prices making steady gains earlier this year, OPEC and other producers had hoped to ease output cuts, but industry sources say a fresh wave of lockdowns around the world threatens to tear up those plans

OPEC+ compliance with oil production cuts in February rose to 113%. The figure compares with a January compliance figure of 103%

Russian Foreign Minister Sergei Lavrov said that OPEC+ oil producers would try to ensure there are no sharp oil price swings and that the current price more or less reflected the balance between producers and consumers

Oil prices climbed above $70 a barrel for the first time since the start of the coronavirus crisis, after the US Senate passed a $1.9 trillion economic stimulus package and a Yemeni group attacked Saudi Arabia’s oil industry

OPEC’s leader Saudi Arabia said it would extend its voluntary oil output cut of 1 million barrels per day (bpd), and would decide in coming months when to gradually phase it out

OPEC oil output fell in February as a voluntary cut by Saudi Arabia added to agreed reductions under a pact with allies ending a run of seven consecutive monthly increases

OPEC+ oil producers are likely to ease curbs on supply after April given a recovery in prices, OPEC+ sources said, although any increase in output will be modest as producers are wary of fresh setbacks in the battle against the pandemic

Oil rose, extending its rally for a ninth day, its longest winning streak in two years, supported by producer supply cuts and hopes vaccine rollouts will drive a recovery in demand

OPEC+ maintained its oil output policy as the price of crude hit its highest in almost a year, a sign that deep supply cuts are draining inventories despite an uncertain outlook for demand recovery

The 13-member Organization of the Petroleum Exporting Countries is pumping 25.75 million barrels per day in January, the survey found, up 160,000 bpd from December and a further increase from a three-decade low reached in June