Oil cartel members reportedly agree to reduce output by a further 1.4m barrels, with oversupply a concern
The Opec+ group of oil-producing countries has reached an agreement to extend output cuts into next year, in the face of flagging prices and a looming supply glut.
The oil cartel reportedly agreed to reduce its output by 1.4m barrels a day, at a meeting in Vienna on Sunday of member countries – which include the big producers Saudi Arabia, Iraq and Russia.
