OPEC backs off oil cuts

Voia Bloomie:

The biggest producers in OPEC+ aren’t pushing for deeper oil-supply cuts when the group meets next month, according to delegates across the coalition.

The Organization of Petroleum Exporting Countries and its allies are more likely to stick to their current output targets and encourage members to comply more fully, the delegates said, asking not to be identified because the talks are private. The producers, representing about half of global supply, meet in Vienna on Dec. 5 and 6.

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