OPEC+ Reaches Preliminary Agreement to Deepen Oil Production Cuts

As OPEC+ is holding its meeting on Thursday, delegates and sources in the cartel and the wider group are telling media sources that there could be further cuts to the alliance’s production early next year.   A preliminary agreement has been reached that OPEC+ could cut more than 1 million barrels per day (bpd) next year, including Saudi Arabia extending its voluntary cuts and additional cuts from other members of the group, two sources at OPEC+ told Reuters. Saudi Arabia, the leader of OPEC and its top producer, has won provisional approval…