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Latest Economy News

OPEC+ agrees to deepen voluntary oil output cuts

  • Summary
  • OPEC+ announces no new group cut target for 2024
  • Instead members led by Saudi Arabia to make voluntary cuts
  • Saudi to roll over 1 million bpd cut into Q1
  • Russia to cut 500,000 bpd
  • OPEC+ invites Brazil to join

LONDON/MOSCOW/DUBAI, Nov 30 (Reuters) – OPEC+ oil producers on Thursday agreed to voluntary output cuts totalling about 2.2 million barrels per day (bpd) for early next year led by Saudi Arabia rolling over its current voluntary cut.

Benchmark global oil prices settled down around 2% , in part because the reductions were voluntary and because of investor expectation ahead of the meeting that additional supply cuts might be deeper.

Saudi Arabia, Russia and other members of OPEC+, who pump more than 40% of the world’s oil, met online on Thursday to discuss supply policy.

Source: Reuters, November 30, 2023



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