12/6/2019, 12:58 PM (Source: TeleTrader)
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OPEC+ agree to deepen output cuts by 500K bpd - sources

OPEC and other major producers agreed to deepen the existing oil output cuts by 500,000 barrels per day in the first three months of 2020, media reported citing sources at the organization's meeting in Vienna.

The deal is expected to be confirmed at a press conference later in the day. According to Reuters' sources, major oil producers also decided to hold their next meeting on output cuts for early March.

On Thursday, OPEC members reportedly agreed in principle to reduce production by an additional 500,000 barrels per day, bringing the total cuts to 1.7 million barrel per day. The deal is said to have been accepted today by non-OPEC participants in the cuts.

Breaking the News / NP