Opec+ agrees on deeper output cuts

Opec+ oil producers on Thursday agreed to output cuts approaching 2 million barrels per day (bpd) for early next year led by Saudi Arabia rolling over its current voluntary cut, delegates told Reuters.

Members have an agreement principle that now goes to a vote, delegates said, asking not the be named because the information was private.

The deal fulfils what delegates had said were Riyadh's goals for the meeting. More than a week of preparatory talks appeared to have overcome internal disagreements over some nations' production quotas.

Saudi Arabia, Russia and other members of Opec+, who pump more than 40 per cent of the world's oil, are holding a virtual meeting on Thursday to discuss 2024 output amid concerns the market faces a potential surplus.