OPEC+ considering deeper cuts

OPEC+ could approve crude production cuts bigger than previously expected when the group meets 5-6 March, Reuters reports.

The organisation’s Joint Technical Committee had proposed additional cuts of 600K b/d, on top of the 1.7M b/d of exiting cuts at a meeting in early February. But this is now not considered enough by some members. It was reported that one member has proposed 1M b/d of additional cuts. Saudi Arabia is already making unilateral cuts of more than 500K b/d.