OPEC+ Prepares to Cut Oil Output
Oil pipes and control valves in the Awali oil field in Bahrain. Photograph: Bloomberg
OPEC+ will meet in person on Wednesday for the first time since early 2020, as the cartel weighs a big production cut to steady prices.
The 23-nation group, led by Saudi Arabia and Russia, is considering a reduction of more than 1 million barrels a day, according to delegates. The prospect of such a move has already buoyed crude markets, with Brent rising more than 4% on Monday to almost $89 a barrel.