• OPEC+ oil producers on Thursday agreed to voluntary output cuts totalling about 2.2 million barrels per day (bpd) for early next year led by Saudi Arabia rolling over its current voluntary cut.
  • Benchmark global oil prices settled down around 2%, in part because the reductions were voluntary and because of investor expectation ahead of the meeting that additional supply cuts might be deeper.
  • Saudi Arabia, Russia and other members of OPEC+, who pump more than 40% of the world’s oil, met online on Thursday to discuss supply policy.
  • The group discussed 2024 output amid forecasts the market faces a potential surplus and as a 1 million barrel per day (bpd) cut by Saudi Arabia was set to end next month.