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OPEC+ Plans to Cut Output by 2mbpd in 2024: Delegates

OIL

Saudi Arabia will extend its 1mbpd voluntary output cut into 2024, while Russia plans to cut production by 500kbpd as well Algeria by 50kbpd. Headlines so far suggested no timeline for the cuts, except for Algeria planning to reduce production through January, Reuters headlines suggested, citing delegates.

  • OPEC+ may meet again before the end of the year, the Algerian Energy Minister said.
  • Headlines failed to significantly support crude markets and front month crude remains below highs from earlier today at $84.75/bbl.
    • Brent JAN 24 up 1.3% at 84.16$/bbl
    • WTI JAN 24 up 1.4% at 78.96$/bbl

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