Opec+ seen considering deeper output cuts as oil market falters

Opec and its allies are expected to consider deeper supply curbs when they meet this weekend against the backdrop of a faltering global oil market.

Saudi Arabia and its partners surprised traders when they announced a 2 million barrel-a-day cutback last month. Even so, prices have since fallen toward $80 a barrel in London, erasing this year’s gains as the situation in China deteriorates.

Delegates from the group, who until this week had predicted they would pause to assess the impact of the cuts, now say additional reductions could be an option. Discussions within the alliance haven’t yet formally got underway before the Dec. 4 meeting.