OPEC+ mulls new oil production cuts

OPEC+ members are considering new oil production cuts of as much as 1-2 million barrels a day, the Wall Street Journal reported.

Saudi Arabia favors curb of up to 1 million barrels a day, while other membersm including the UAE, Nigeria and Angola, oppose downgrading quotas.

The move, which would likely send oil prices higher, could be announced November 30 at a virtual meeting of the cartel. The meeting, originally scheduled for last week, was postponed over disagreements about production.