11/29/2023, 7:16 PM (Source: TeleTrader)
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OPEC+ reportedly ponders 1M output slash

The Organization of the Petroleum Exporting Countries and its oil-producing partner nations (OPEC+) are currently thinking about implementing fresh slashes to oil production, which would amount to almost 1 million barrels per day, The Wall Street Journal reported on Wednesday citing delegates.

The media outlet added, however, that nothing has been decided yet, as the idea has been met with fierce opposition and the alliance members are still deliberating. According to the delegates, Saudi Arabia, which already introduced voluntary cuts, is in favor of tightening the supply further. On the other hand, Nigeria and Angola, alongside the United Arab Emirates, are refusing to change their individual quotas.

With the recent development of events in the Middle East, concerns regarding the supply of crude have been on the rise.

Baha Breaking News (BBN) / AY