OPEC+ Seen Considering Deeper Supply Cuts as Market Falters

Majority of traders, analysts in survey predict further curbs
Alliance must weigh Russian sanctions against Asian outlook

OPEC+ Will Consider Rolling Over Existing Cuts: Energy Aspects

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By Grant Smith and Salma El Wardany

November 28, 2022 at 5:51 PM UTC

Updated on

November 29, 2022 at 9:36 AM UTC

This article is for subscribers only.

OPEC and its allies are expected to consider deeper supply curbs when they meet this weekend against the backdrop of a faltering global oil market.

Saudi Arabia and its partners surprised traders -- and drew a fierce rebuke from President Joe Biden -- when they announced a 2 million barrel-a-day cutback last month. Even so, prices have since weakened, briefly slipping to almost $80 a barrel in London as the situation in China deteriorates.