OPEC+ Contemplates Deeper Production Cuts Amid Rising Anger and Soaring Oil Prices

OPEC+ is considering whether to implement additional oil supply cuts as oil prices have dropped nearly 20% since September. The group, which includes OPEC and allies led by Russia, has already pledged total oil output cuts of 5.16 million barrels per day. Concerns about demand and a possible surplus next year have put pressure on prices. While some OPEC+ sources suggest deeper cuts may be discussed, others believe it is too early to say. Saudi Arabia is expected to extend its voluntary production cut, and analysts warn of the risk of Saudi economic contraction. The group will meet on November 26 to discuss the matter.