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VIENNA. — OPEC and its allies led by Russia were moving closer yesterday to agreeing to deeper oil supply cuts next year to support crude prices and prevent a glut, sources from OPEC and its allied producers said.
The Organisation of the Petroleum Exporting Countries (OPEC) met yesterday in Vienna and was set to be followed by a meeting with Russia and others, a grouping known as OPEC+, today.
OPEC+ has curbed supply since 2017 to counter booming output from the United States, which has become the world’s biggest producer.
Next year, rising production in the United States and other non-OPEC countries such as Brazil and Norway threaten to add to the glut. — Reuters.
Peter Tanyanyiwa
Online Reporter