Oil prices have seen little movement following the OPEC+ production group’s anticipated extension of voluntary output restrictions through the middle of the year.

The Organization of the Petroleum Exporting Countries and its allies, OPEC+, have decided to prolong their voluntary oil output cuts of 2.2 million barrels per day until the second quarter.

Russia’s deputy prime minister, Alexander Novak, announced an additional 471,000 barrels per day during the second quarter.

The market’s response does not always accurately represent the seriousness of the OPEC+ statement.

However, traders have noted that the sweet oil markets are getting tighter, pushing up Brent spreads.

The OPEC+ cutbacks will cause the group’s output to drop to 34.6 million bpd in the second quarter, compared with an earlier prediction that output may increase over 36 million bpd in May.