STORY: The OPEC+ group of oil producers is holding firm on measures to boost prices.

On Sunday, members agreed to extend oil output cuts of 2.2 million barrels per day into the second quarter.

That’s a bid to support the market amid concerns that flagging global growth could dent demand.

In a surprise move, OPEC ally Russia added to its output curbs.

Moscow said it would reduce production by almost another half a million barrels per day.

Oil prices have been in the balance so far in 2024.

They’ve been supported by geopolitical tensions and attacks on shipping in the Red Sea.

But concern over economic growth has pushed the other way.

Since 2022, OPEC has pledged a series of production cuts in a bid to prop up prices amid rising output from the U.S. and other non-members.

By early afternoon Monday in Asia, international and U.S. benchmark crude prices were trading broadly steady.

The weekend also saw moves to limit U.S. oil sales to China.

Lawmakers unveiled a bill to ban sales to the country from Washington’s Strategic Petroleum Reserve.

The issue has been a hot topic since President Joe Biden in 2022 sold China crude from the SPR.

That was in a bid to tame oil prices that were then soaring in the wake of Russia’s invasion of Ukraine.