The Organization of the Petroleum Exporting Countries (OPEC) and its allies agreed on Thursday to largely continue current production levels into April.
Participants in the 14th OPEC and non-OPEC Ministerial Meeting, held online this time, decided against a rise in output with the exception of Russia and Kazakhstan, which will be allowed to increase production by 130,000 and 20,000 barrels per day, respectively, according to a statement published on OPEC's website.
Saudi Arabia would extend its voluntary production cut of one million barrels per day into April, according to the statement.
"There is no doubt that the global oil market has improved since we last met in January," Saudi Energy Minister Prince Abdulaziz bin Salman said in his opening remarks at the meeting.
He emphasized that while the rollout of COVID-19 vaccines has boosted optimism, the level of uncertainty remains high surrounding the pandemic.
"The right course of action now is to keep our powder dry and have contingencies in reserve to insure against any unforeseen outcomes," he said.
The participants decided that the next OPEC and non-OPEC Ministerial Meeting will be held on April 1.
