OPEC+ Producers Extend Oil Output Cuts

FILE - The logo of the Organization of the Petroleoum Exporting Countries (OPEC) is seen outside of OPEC's headquarters in Vienna, Austria, March 3, 2022. (AP Photo/Lisa Leutner, file)
FILE - The logo of the Organization of the Petroleoum Exporting Countries (OPEC) is seen outside of OPEC's headquarters in Vienna, Austria, March 3, 2022. (AP Photo/Lisa Leutner, file)
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OPEC+ Producers Extend Oil Output Cuts

FILE - The logo of the Organization of the Petroleoum Exporting Countries (OPEC) is seen outside of OPEC's headquarters in Vienna, Austria, March 3, 2022. (AP Photo/Lisa Leutner, file)
FILE - The logo of the Organization of the Petroleoum Exporting Countries (OPEC) is seen outside of OPEC's headquarters in Vienna, Austria, March 3, 2022. (AP Photo/Lisa Leutner, file)

OPEC+ members agreed on Sunday to extend voluntary oil output cuts of 2.2 million barrels per day into the second quarter, giving extra support to the market.
Saudi Arabia said it would extend its voluntary cut of 1 million barrels per day (bpd) through the end of June, leaving its output at around 9 million bpd.
Russia will cut oil production and exports by an extra 471,000 bpd in the second quarter.
OPEC+ members announced the cuts individually on Sunday and OPEC later issued a statement confirming the 2.2 million bpd total. Saudi state news agency SPA said the cuts would be reversed gradually, according to market conditions.

For the second quarter, Iraq will extend its 220,000 bpd output cut, UAE will keep in place its 163,000 bpd output cut and Kuwait will maintain its 135,000 bpd output cut, the three OPEC producers said in separate statements. Algeria also said it would cut by 51,000 bpd and Oman by 42,000 bpd.
Kazakhstan said it will extend its voluntary cuts of 82,000 bpd through the second quarter.



Saudi Arabia, Indonesia Boost Cooperation in Mining Sector

File photo of the Saudi capital Riyadh - File/AAWSAT
File photo of the Saudi capital Riyadh - File/AAWSAT
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Saudi Arabia, Indonesia Boost Cooperation in Mining Sector

File photo of the Saudi capital Riyadh - File/AAWSAT
File photo of the Saudi capital Riyadh - File/AAWSAT

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef signed in Jakarta a memorandum of understanding with Minister of Energy and Mineral Resources of Indonesia Bahlil Lahadalia to boost strategic cooperation and facilitate the exchange of expertise between the two countries in the mining and minerals sector.

The MoU aims to transfer knowledge in the field of mining, mineral production and processing, mining exploration, geological surveys, and sustainable mining practices, SPA reported.
The signing of the MoU takes place during Alkhorayef's official visit to Indonesia, where he is leading a high-level delegation from the industry and mining sector to strengthen economic ties, attract quality investments to the Kingdom, and explore mutual investment opportunities across the mining, food, pharmaceuticals, and automotive sectors.