The reduction could spur a massive recovery in global prices for crude
Key ministers of OPEC+, known as the joint ministerial monitoring committee, have agreed on production cuts of up to two million barrels per day for the oil-producing nations, Reuters reported on Wednesday, citing sources at the organization.
The potential reduction is expected to significantly curb supply in an already tight market. It could send global prices for crude, which have dropped to about $90 from $120 three months ago, surging again.
Earlier this week, various media outlets reported that the cartel was mulling daily output curbs of between 500,000 to one million barrels at a meeting in Vienna on Wednesday.
A reduction of two million barrels per day by the world's major oil producers and exporters would mark the biggest production cut since pandemic lockdowns first destroyed demand across the globe.
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