OPEC+ group extends production cuts, sending oil prices higher

Despite expectations of oil experts and a recent price surge, OPEC and allies have decided to set aside proposals for expanding output and to keep a tight rein on production, sticking with current quotas for April with some exceptions. The OPEC+ agreed in January to keep production steady for February and March. At that time, Saudi Arabia surprised markets by pledging to cut its production by an extra 1 million barrels per day, a move that reflected unease about fragile demand. Saudi Arabia agreed on Thursday to extend its extra cut through April.