The November OPEC+ meeting resulted in several more members making deep oil supply cuts whilst others stuck to existing reductions. Euronews Business take a look at how the news moved oil markets.
The November OPEC+ meeting was held virtually on Thursday, with this meeting potentially being more significant than the last few ones for oil markets. Although the committee did not announce any new group reduction targets for the next year, several members opted for voluntary cuts. These new cuts, along with old ones being continued by Saudi Arabia and Russia, clocked in at about 2.2 million barrels per day.
For the first quarter of the year, Saudi Arabia, one of the biggest producers of oil, led these voluntary cuts, by revealing that it would be continuing its 1 million barrels per day reduction. Iraq followed suit with a cut of 223,000 barrels per day, while the UAE will go for 163,000 barrels a day.
Kuwait will reduce 135,000 barrels a day, with Kazakhstan going for 82,000 barrels and Algeria cutting 51,000 barrels. Oman will also cut 42,000 barrels a day, with Russia continuing its 500,000 barrels a day cut, a combination of refined products and crude oil.
