OPEC+ Agrees on Deeper Output Cuts to Avoid Renewed Surplus
- Members will make extra 1 million b/d of cuts, delegates said
- Combines with Saudi extension of voluntary cut of same size
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OPEC+ agreed to deepen its production cuts following a slump in crude prices and predictions of a renewed surplus next year.
Members of the group agreed to make 1 million barrels a day of additional oil-supply cuts at a meeting on Thursday, delegates said. That reduction comes alongside the much-anticipated extension into next year of Saudi Arabia’s voluntary output curb of the same size.