OPEC+ Output Cut Looks Increasingly Likely As Producers Narrow Down Options

Producers of the OPEC+ alliance that are discussing the possibility of agreeing next week on an oil production cut have narrowed the range of options to between 500,000 barrels per day (bpd) and 1 million bpd, sources at OPEC+ told Reuters on Friday. Major OPEC+ producers have already initiated discussions on a potential cut in their collective oil production quota to support the market, which has been dragged down by fears of a recession in recent weeks. "Maybe during the weekend or Monday it will be more clear. Usually, the consultations conclude…