OPEC Holds Off on More Production Cuts

OPEC plans to hold its oil output steady rather than to make deeper production cuts that were sought by some of its members, the Wall Street Journal reported Monday.

The 12-nation oil cartel will adhere to the most recent cuts that were announced in December rather making more cutbacks, the paper said.

OPEC previously cut 520,000 barrels a day in September, 1.5 million bbd in October and 2.2 million bbd in December, the Journal reported.

Meanwhile, Russia, the world’s second-largest oil producer behind Saudi Arabia, said Sunday it is cutting oil exports, the Associated Press reported.

Russia, which is not an OPEC member, is also seeking observer status for the cartel, AP reported.