USOI - OPEC+ Approaches Preliminary Agreement For Deeper Oil Production Cuts In 2024 | Benzinga
The Organization of the Petroleum Exporting Countries and its allies (OPEC+) have collectively decided to implement an additional 1 million barrels a day of oil supply cuts, reinforcing Saudi Arabia's recent extension of its equivalent voluntary reduction.
Oil prices moved higher, with WTI trading at $77.82 and Brent crude oil moving around 83.90.
Citing UBS analyst Giovanni Staunovo, Bloomberg noted these developments' potential significance, "If those numbers get confirmed, it shows OPEC+ wants to keep their hands on the oil wheel."
He emphasized the alliance's proactive approach, especially in light of anticipated lower demand at ...