(Sharecast News) - Moscow and Riyadh have reached an agreement in principle to cut their crude oil output.
The cartel of oil producing plus allies Russia and Kazhakstan, known as OPEC+, started a two-day meeting to try and reduce their combined output, potentially alongside other countries such as Norway, Canada and the US by up to 10.0m barrels a day.
According to the Wall Street Journal, Saudi and the Russian Federation had both agreed to output cuts of 4.0m b/d and 2.0m b/d, respectively, from their April levels.
However, Iraq and other major oil producing nations also in OPEC+ were not yet on board with specific oil production curbs.
-- More to follow --
BP (BP.)29 Jan 2024 17:25
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