OPEC+ Coalition Mulls Further Crude Output Cuts as Prices Slump

by Ship & Bunker News Team
Friday November 17, 2023

The OPEC+ coalition of oil producing countries is considering deepening its output cuts in response to the recent slump in crude prices.

The OPEC+ group will consider deeper cuts at its next meeting later this month, news agency Reuters reported on Friday, citing three sources familiar with the discussions.

ICE Brent crude futures have dropped by about 14% since the start of October on increasing concerns over global economic growth.

The OPEC+ group has already pledged oil output cuts of about 5.16 million b/d, including voluntary extra cuts by Saudi Arabia and Russia, since late 2022.

The next OPEC+ ministerial meeting is scheduled for November 26.