OPEC+ announces additional output cuts in bid to prop up volatile oil prices

BUSINESS DAILY © FRANCE 24

Following a virtual meeting, OPEC+ members have announced additional oil supply cuts, with de facto leader Saudi Arabia saying it would extend an existing cut of one million barrels per day through to March next year. Russia pledged to slash oil exports by 500,000 barrels a day, up from 300,000, while other countries like the United Arab Emirates and Kuwait announced smaller reductions. Despite this, oil prices dropped after the meeting, with analysts saying the market had expected more from the group.