A WSJ Exclusive, Updated Nov. 30, 2023 10:47 am ET:
Production will be cut by another million barrels a day, a move likely to send oil prices higher
OPEC+ agreed to a significant production cut of another million barrels a day, delegates said, in a move that will likely send prices higher amid the continuing conflict in the Middle East.
As part of the deal reached Thursday, Saudi Arabia also agreed to extend its cut of 1 million barrels a day that it announced in June.
Taken together, the moves are expected to push prices up at a moment when geopolitical tensions are high, especially in the Middle East.
The cuts could draw a rebuke from the U.S., which slammed the 13-strong Organization of the Petroleum Exporting Countries and its 10 Russia-led allies for agreeing to a cut of 2 million barrels a day last year. The White House at the time called the decision by the so-called OPEC+ alliance shortsighted and suggested the group was actively supporting Russia’s invasion of Ukraine....
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