OPEC+ panel recommends deepening oil cuts by 500,000 bpd: Sources

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A ministerial panel of key OPEC producers and allied countries on Thursday recommended deepening their agreed oil production cuts by 500,000 barrels per day, two sources told Reuters.

OPEC+’s recommendation for a deeper oil cut is conditional on the full compliance of all members, according to an OPEC+ source.

A ministerial panel consisting of OPEC and its crude exporting allies has recommended output cuts until June, Reuters reported, citing sources.

OPEC will meet later on Thursday followed by a meeting with allies, known as OPEC+, on Friday.

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