OPEC+ oil producers to further cut output

OPEC Plus oil producers including Saudi Arabia, UAE, Iraq and others have announced further output cuts, in a move that is likely to impact crude-oil prices.

The Saudi government announced through state media on Sunday that it will reduce crude production by 500,000 barrels a day from May until the end of the year.

Iraq and the United Arab Emirates also said they will cut output from next month.

The combined reductions amount to more than 1.1 million barrels per day.

Russia also said on Sunday that it will extend its daily output cut of half-a-million barrels until year-end.

OPEC Plus has maintained a production cut of 2 million barrels a day since November, citing an uncertain outlook for crude-oil demand.

Crude prices have been declining recently. In March, they temporarily dipped below 70 dollars per barrel for the first time in about 15 months.

The announcement sent benchmark WTI crude oil futures to a two-month high of 81 dollars a barrel on Sunday.