OPEC+ Reaches Deal “In Principle” on Oil Output Cuts

OPEC+ reached a deal on Thursday that would see the group’s oil production cuts spill over into the new year—and at a level that is a deeper cut than is currently in place, delegates said following today’s JMMC meeting. The group agreed to cut production by an additional 1 million bpd starting in 2024, sources suggested—and this is in addition to the 1 million bpd Saudi Arabia has been cutting since the summer. This has been agreed to “in principle” and will be voted on at the full OPEC+ meeting. For the specifics…