According to the agreement, the OPEC+ alliance, which controls about half of the world's production capacity, will mostly maintain its quotas, with Russia allowed a 130,000 b/d increase and Kazakhstan a 20,000 b/d rise, while Saudi Arabia said it would continue implementing its voluntary cut

Prices have rallied to pre-virus levels, while U.S. production has taken a hit from freezing storms. Talk swirls of market supercycles, and even the return of $100 oil.

Global liquids supplies are expected to climb by 3.2 million b/d on average in 2021,

Moscow-based analysts welcomed the latest OPEC+ decision, which allowed Russia to increase output by 65,000 b/d in February, and a further 65,000 b/d in March. Russia's crude output was 9.10 million b/d in December.

"Iraq is committed to the [OPEC+] agreement to cut production in light of the current challenges facing the international oil market and global oil producers due to the coronavirus that led to the contraction and recession in the global economy," Karim Hattab told INA.

OPEC's 13 members pumped 25.70 million b/d in the month, up 270,000 b/d from December, while their nine non-OPEC partners, led by Russia, produced 12.91 million b/d, a rise of 170,000 b/d,

"The surprise cut that they have done recently is a really brilliant move that led to stabilization of the market joined by other OPEC members at the most critical time," Dmitriev, who has been leading Russia's diplomacy in Saudi Arabia alongside Deputy Prime Minister Alexander Novak, said at the Saudi Future Investment Initiative conference.

The OPEC+ alliance, led by Saudi Arabia and Russia, decided in December after days of heated negotiations to ease their stringent quotas by a collective 500,000 b/d for January, instead of the originally scheduled 2 million b/d tapering.

Saudi Arabia will hold its February and March crude production to 8.125 million b/d -- well below its quota of 9.119 million b/d

In comments, cleared for publication on Friday, Novak also said that Moscow views an oil price between $45 and $55 per barrel as the optimum level to allow for recovery of its oil production,