Markets are tightening because of voluntary production cuts from Jan. 1, led by the Organization of the Petroleum Exporting Countries and allies including Russia, aimed at forestalling a global overhang.
Saudi Arabia, the world's top oil exporter and de facto leader of OPEC, said it would reduce crude production to about 9.8 million bpd in March, over half a million bpd more than it had originally pledged.
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