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Benchmark global oil prices settled down around 2% [O/R], in part because the reductions were voluntary and because of investor expectation ahead of the meeting that additional supply cuts might be deeper. Saudi Arabia, Russia and other members of OPEC+, who pump more than 40% of the world's oil, met online on Thursday to discuss supply policy. The group discussed 2024 output amid forecasts the market faces a potential surplus and as a 1 million barrel per day (bpd) cut by Saudi Arabia was set to end next month.

LONDON/MOSCOW/DUBAI -OPEC+ oil producers on Thursday agreed to voluntary output cuts totalling about 2.2 million barrels per day for early next year led by Saudi Arabia rolling over its current...

DUBAI/LONDON (Reuters) -An OPEC+ ministerial panel which met on Friday made no changes to the group's current oil output policy after a Saudi decision to extend its voluntary production cut into September helped oil prices rally further. The panel, called the Joint Ministerial Monitoring Committee, can call for a full meeting of the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, known as OPEC+, if warranted. Oil prices rose more than 14% in July compared with June, the biggest monthly percentage increase since January last year, as tighter supply and ...