Faltering oil prices in recent days after a weeks-long surge to around $70/b have many analysts forecasting that the OPEC+ group of producers may largely roll over their quotas for at least another month.

With non-OPEC supply forecast to bounce back by 950,000 b/d in 2021 to 63.8 million b/d, OPEC lowered the estimated demand for its crude by 240,000 b/d to 27.26 million b/d.

"I would like to assure that we and Russia would like a oil price which is fair to consumers and to producers," Saudi foreign minister Prince Faisal bin Farhan said at a press briefing with Russian counterpart Sergei Lavrov in Riyadh.

Overall conformity with the original decision was 103 per cent, reinforcing the trend of aggregate high conformity by participating countries.

Combined, the so-called OPEC+ alliance produced 37.83 million b/d, its lowest since October, the survey found, putting the group's compliance with its quotas at 113.5%.

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.