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Members of the group agreed to make 1 MMbpd of additional oil production cuts at a meeting on Thursday, delegates said. That reduction comes alongside the much-anticipated extension into next year of Saudi Arabia’s voluntary output curb of the same size.
Its crude production hit a record 3.7 million barrels per day in September, a near 17 percent increase from the same month last year and a 6.1 percent hike from August
Oil prices tumbled on Thursday despite an announcement from OPEC+ that members have agreed to voluntarily output cuts for the first quarter of 2024. The group announced that since all the cuts agreed to were voluntary, they would be announced by the individual member states.
Crude oil prices rose sharply on Tuesday on hopes the Organization of Petroleum Exporting Countries and allies, collectively known as OPEC+, will extend output cuts, or might even consider increase the quantum of reduction.
Prices tumbled midweek when Opec+ — the Organization of the Petroleum Exporting Countries (Opec+) and allies including Russia — postponed to November 30 a ministerial meeting to iron out differences on production targets for African producers