Saudi Arabia Set To Reverse Extra 1 Million Bpd Production Cut From April

OPEC’s largest producer Saudi Arabia looks to reverse its unilateral extra production cut of 1 million barrels per day (bpd) after March ends, in view of the recent rally in oil prices, The Wall Street Journal reported on Wednesday, quoting advisers to the world’s top oil exporter. This month and next, Saudi Arabia is cutting its production by 1 million bpd beyond its quota in the OPEC+ deal, in a unilateral move to support market rebalancing and oil prices which it announced at the January meeting of the OPEC+ ministerial group.  …