OPEC+ ministers meet to discuss additional oil output cuts

The OPEC+ alliance was set to hold a set of meetings on November 30 to discuss additional oil production cuts for next year to support the market, three delegates told Reuters, Report informs.

The size of potential additional cuts have not been decided yet, but two delegates said they ranged from 1 million to 2 million barrels per day (bpd) for the first quarter of 2024.

Saudi Arabia, Russia and other members of OPEC+ pump about 43 million bpd, more than 40% of global supply.

About 5 million bpd of cuts, representing about 5% of global demand, are already in place.

Sources this week told Reuters that discussions had been proving difficult and a further delay to Thursday's meeting was possible.