11/30/2023, 11:45 AM (Source: TeleTrader)
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OPEC reportedly considering deeper output cuts

The Organization of Petroleum Exporting Countries (OPEC) member states began discussing deeper oil production cuts during the virtual ministerial meeting on Thursday, Energy Intelligence's Amena Bakr reported citing delegates.

According to Bakr, the current discussions within the oil cartel revolve around Saudi Arabia's potential extension of production cut by 1 million barrels per day, with other member states making their contribution individually.

The price of crude oil traded slightly higher ahead of the meeting, with West Texas Intermediate (WTI) and Brent for January contracts rising 1.89% and 1.76% respectively following the news, selling at $79.28 and $84.56 per barrel at 5:45 am ET.

Baha Breaking News (BBN) / AB