OPEC+ reaffirms output reduction plan

By Agence France-Presse

Feb 03, 2024 12:16 am

VIENNA: An OPEC+ (Organization of the Petroleum Exporting Countries plus) panel on Thursday reaffirmed the oil cartel's current output reduction strategy, supported by Saudi and Russian cuts, intended to boost flagging prices.

In an effort to shore up prices, the OPEC+ oil alliance of 23 nations has implemented supply cuts of more than 5 million barrels per day (bpd) since the end of 2022.

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