OPEC+ Tells Members to Make Pledged Cuts as Surplus Looms Again
- Group makes familiar call for Iraq, Nigeria to pull weight
- A new deal with deeper curbs could be discussed in December
Photographer: Simon Dawson/Bloomberg
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OPEC+ responded to growing concerns that a slowing economy could tip the oil market back into surplus by applying additional pressure to members that haven’t implemented their promised production cuts.
It’s a familiar refrain from the group, which since its inception in 2016 has struggled to get members including Iraq, Kazakhstan and Russia to live up to their commitments. Oil prices fell.