OPEC+ debates cuts in excess of 12 million bpd – Reuters

Eren Sengezer FXStreet

The OPEC and non-OPEC producers (OPEC+) are debating crude oil output cuts in excess of 12 million barrels per day, Reuters reported on Thursday, citing an OPEC+ source familiar with talks.

OPEC+ reportedly wants other producers to contribute with a production reduction of 5 million barrels per day.

Market reaction

Crude oil prices edged slightly higher on this headline. As of writing, the barrel of West Texas Intermediate (WTI) was trading near $26, erasing 0.35% on a daily basis.

Earlier in the session, the WTI spiked to a daily high of $28.32 on the back of reports claiming that OPEC+ and other producers were looking to lower the oil output by as much as 20 million bpd.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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