The OPEC+ alliance of crude producers has been holding back roughly 8 million barrels per day from global markets. That includes an extra production cut of 1 million barrels per day from Saudi Arabia that comes on top of its commitment to other producers. Saudi Arabia will gradually ease its additional voluntary cuts and eliminate them altogether by the end of July. The move to increase production is a bet that vaccine rollouts will accelerate this summer across major economies and more people will begin to travel, increasing demand for energy. Jennifer Granholm, the US energy secretary, said that she had a "positive" call with Saudi energy minister Prince Abdulaziz Bin Salman ahead of the meeting.

Source: CNN April 01, 2021 12:11 UTC