As previewed repeatedly in recent days, and as Reuters once again leaked overnight, moments ago the delayed OPEC+ meeting concluded with the expanded cartel agreeing on an additional 1 million barrels in production cuts, alongside an extension of Saudi Arabia's 1 million bpd in voluntary "lollipop" cuts. While we wait for further details, what Reuters has reported so far is that Algeria agreed to cut January oil production by another 50,000 bpd, according to the country’s energy minister, while Saudi Arabia agreed to cut output by 1 million bpd. Russia will cut 500,000 bpd, which are effectively extensions of current ... (full story)