Oil prices surge on expectation of deeper production cuts by Opec

Topics Oil Prices | OPEC | Opec supply cut

Oil prices rose on Thursday ahead of an OPEC meeting where members are expected to agree on deeper output cuts in an effort to prop up prices and prevent a glut next year. Sources told Reuters that a ministerial panel of key OPEC producers and allies led by Russia recommended increasing production cuts by 500,000 barrels per day (bpd) from their current level of 1.

2 million bpd. The Organization of the Petroleum Exporting Countries will meet later on Thursday in Vienna followed by a meeting on Friday with Russia and other producers,.

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