Saudi Arabia prepares for oil output cut by 1M bpd in early 2024: Report

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Saudi Arabia is gearing up to cut its oil output by one million barrels per day (bpd) in early 2024, under the terms of OPEC+ agreement today, Nov. 30, with Russia cutting 500,000 bpd, Reuters reported, citing sources inside the oil cartel's meeting.

 

Other OPEC+ members are expected to decide on additional output reductions, the sources noted.

 

OPEC+ virtual meeting began a short while ago, chaired by Saudi Minister of Energy.

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