Riyadh and Moscow ready to announce oil production cuts during OPEC+ meeting

Saudi Arabia, Russia and other oil-producing nations are ready to announce deep oil cuts during Wednesday’s OPEC+ meeting in Vienna, the Financial Times reported citing own sources.

According to the paper, Saudi Arabia seeks to raise oil prices "in a move set to anger the U.S. and aid Russia."

OPEC+ ministers are scheduled to gather in Vienna on October 5 for their first in-person meeting since March 2020.