OPEC+ reached a deal "in principle" on Thursday to extend and expand current oil production cuts up to 2 million barrels per day through at least the first fiscal quarter of 2024, sources reported following a virtual meeting of the organization's Joint Ministerial Monitoring Committee.
The deal entails leaving in place current voluntary production limits from Saudi Arabia and Russia totaling 1.3 million barrels of oil per day. Russia will cut an additional 500,000 barrels per day, according to Reuters reports, and other members will reduce production by an undisclosed amount.
