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OPEC+ looks to reduce crude oil output by an extra 500,000 barrels a day
The Organization of the Petroleum Exporting Countries and their allies are expected to announce an agreement to reduce crude oil output further this week, even as the group, collectively known as OPEC+, struggles to see full compliance from all of its members. A committee of oil producers led by Saudi Arabia and Russia recommended on Thursday that the group deepen their current oil production cuts by 500,000 barrels a day, The Wall Street Journal reported, citing officials from the Organization of the Petroleum Exporting Countries. The committee is also pushing for improved compliance from countries such as Nigeria ... (full story)