The Opec+ group of oil-producing countries has reached an agreement to extend output cuts into next year, in the face of flagging prices and a looming supply glut.
Opec+ sources told Reuters that the group was likely to agree a “policy rollover” for 2023 and make additional reductions in output in 2024 if new production baselines, from which cuts and quotas are calculated, for members were agreed. Opec+, which groups the Organisation of the Petroleum Exporting Countries and allies led by Russia, produces about 40% of the world’s crude, meaning its policy decisions can have a significant impact on oil prices.
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