OPEC+ reaches preliminary deal for additional oil output cut of over 1M bpd

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OPEC+ began its meeting today, Nov. 30, seeking an agreement on the group’s oil output policy while discussing further production cuts to support market prices.

Member nations reached a preliminary agreement to further reduce oil production by more than one million barrels per day (bpd), Reuters reported, citing an OPEC+ representative.

Separately, other sources told the agency on Nov. 29 that the group’s oil policy talks for next year, being held before today’s ministerial meeting, focus on deepening oil production cuts to safeguard the industry.

OPEC+ is under pressure to intervene in crude markets following a 13% slump in prices over the past two months amid abundant supplies and a bleak economic backdrop.