October 05, 2022 13:12 GMT
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Wires reporting that the OPEC+ Joint Ministerial Monitoring Committee (JMMC) has agreed to a 2 million barrel per day output cut.
- The cut is double the 1mn/bpd reduction that had been speculated on before today's meeting in Vienna.
- Likely to cause significant consternation at the White House, with US President Joe Biden believed to have sought to convince Saudi Arabia not to engage in any notable production cuts during his August visit to the Middle East.