OPEC cancels April meeting, leaving price-boosting oil output cuts in place through June

OPEC and other major oil producers on Monday canceled a meeting planned for April, a move that leaves the alliance’s price-boosting production cuts in place until at least June.

The group is delaying its decision because it expects the oil market to remain oversupplied through the first half of the year, Saudi Energy Minister Khalid al-Falih said at a committee meeting in Baku, Azerbaijan. The delay also allows the producers to assess how U.S. sanctions on OPEC-members Iran and Venezuela will affect the oil market in the coming months, several news agencies reported.