Oil Output Deal

A OPEC+ ministerial panel has recommended that the oil producing group stick to an existing pact to hike oil output by 400,000 barrels per day (bpd) in November

Ministers ratified the 400,000 barrel-a-day supply hike scheduled for October after less than an hour of talks, one of the quickest meetings in recent memory

Oil prices rose slightly on Tuesday after the previous day's rally, supported by expectations of a tighter market as output talks of OPEC+ nations were called off

OPEC+ agreed to add more oil to the market from August and extend the duration of their pact on their remaining production curbs for longer, even though United Arab Emirates still opposed extension

Brent oil prices rose to the highest since February after Saudi Arabia agreed to make bigger cuts in output than expected during a meeting with allied producers

OPEC and Russia have moved closer to a compromise, OPEC+ sources told Reuters

The countries involved pump over 40% of the world's oil, and their new combined cuts amount to 1.7 million bpd or 1.7% of global production

Existing supply curbs of 1.2 million barrels per day, aimed at supporting oil prices and preventing a global glut, are set to expire in March.

The cut was short of an initial target of 600,000 bpd but still the first Opec/non-Opec output deal since 2001