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Title : OPEC Panel Agrees To Deepen Oil Output Cuts
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OPEC Panel Agrees To Deepen Oil Output Cuts

Saudi Arabia's Minister of Energy, Prince Abdulaziz bin Salman, arrives Thursday at the Vienna headquarters of OPEC, which is scheduled to meet on Friday with Russia and other producers - a grouping known as OPEC+ (Leonhard Foeger/Reuters)

Al Jazeera: OPEC and its allies agree to deepen oil output cuts

OPEC+ panel recommends additional output cuts of 500,000 bpd, but there's no clarity yet on how long they could last.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia on Thursday agreed to one of the deepest output cuts this decade to support crude prices and prevent a glut, though they are still debating how long the curbs will last into next year.

OPEC is meeting to discuss supply policy in Vienna and is scheduled to meet on Friday with Russia and other producers - a grouping known as OPEC+.

Russian Energy Minister Alexander Novak said a panel of key energy ministers - including those from Saudi Arabia and Russia- had recommended that the OPEC+ group deepen existing supply curbs of 1.2 million barrels per day (bpd) by another 500,000 bpd. The cut of 1.7 million bpd would amount to 1.7 percent of global supply.

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WNU Editor: They are nowhere near agreement on how these cuts will be distributed.

More News On OPEC's Panel Agreeing To Deepen Oil Output Cuts

OPEC talks end without announcement of expected cuts -- AP
OPEC+ Committee Recommends Further 500,000 Bpd Cut -- OilPrice.com
OPEC, allies agree to deepen oil output cuts -- Reuters
Oil Unimpressed As OPEC+ Committee Recommends Further 500,000 Bpd Cut -- Zero Hedge

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