OPEC+ Considers Extending Production Cuts Amid Rising Oil Prices and Inventory Pressures

US and international oil prices surged by over 4% after a week-long slump, as Saudi Arabia is reportedly considering extending its production cuts into 2024. The Financial Times reported that Saudi officials are likely to extend the current one million barrel-a-day cut into at least the spring, with the voluntary cuts previously expected to end in 2023. OPEC+ leaders are set to meet on November 26 to discuss any adjustments to oil output, and tensions with the US could rise if further production pullbacks occur. Falling oil prices and concerns about the Israel-Palestine conflict and the crisis in Gaza are driving the potential cuts. No final decisions have been made, and public comments are expected to focus on oil markets rather than the conflict.