Saudi delivers deeper cuts as OPEC+ oil producers back new pact - Reuters:
Saudi Arabia spearheaded a deal on Friday that will see the OPEC+ group of oil producers commit to some of the sector’s deepest output cuts in a decade aiming to avert oversupply and support prices.
Saudi with OPEC peers and allies led by Russia backed a plan that could see cuts of as much as 2.1 million barrels per day (bpd), Saudi Energy Minister Prince Abdulaziz bin Salman said.
Brent oil rose 2% to more than $64 a barrel after the announcement.
The figures include an extra 500,000 barrels per day in cuts to take the OPEC+ target 1.7 million bpd, or 1.7% of global demand, plus Saudi continuing to cut 400,000 bpd more than its quota.
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