Russians, Saudis back further reduction of 500,000 barrels of oil daily: report
A committee of oil producers led by Saudi Arabia and Russia recommended on Thursday that the group deepen their current oil production cuts by 500,000 barrels a day, The Wall Street Journal reported, citing officials from the Organization of the Petroleum Exporting Countries. The committee is also pushing for improved compliance from countries such as Nigeria and Iraq, which have not fully met their quota commitments, the report said. January West Texas Intermediate crude CLF20, +0.
See Full Story Oil futures edge higher on report OPEC+ recommends deeper production cuts Oil futures are trading higher Thursday after reports that OPEC and its allies have recommended cutting production by 500,000 barrels a day, on top of the current output-cut agreement, ahead of the official gatherings of major oil producers in Vienna over the next two days.
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