OPEC Considers New production Cuts: WSJ

OPEC+ is likely to rollover the existing output curbs but is considering additional production cuts up to 1m b/d, delegates told the WSJ Nov. 29.

• The deal could be announced tomorrow following the OPEC scheduled meeting.
• Saudi Arabia is said to be backing further reductions in output, although other members, such as the UAE, are against, sources told the WSJ
• While OPEC may want to cut further to boost prices, additional cuts are not guaranteed, amid resistance from members such as Nigeria and Angola to further reductions in their output quotas.
• Consequently, an extension of existing output curbs is seen as more likely, according to the WSJ.
• Earlier, Reuters said that sources from the group had told the publication that both additional supply cuts and rollover of current curbs were possible.