OPEC+ agreed to oil output cut, but yet to finalize the number

In a technical meeting on Wednesday, 5 December 2018 in Vienna, members of the Organisation of the Petroleum Exporting Countries (OPEC) and Russia “recommended there is a need for output reduction”. However, the group has not derived into any specific number.

Oil prices have fallen approximately 30 percent from the multi-year high levels in early October, prompting the action from OPEC+. 

OPEC will hold an annual meeting on 6 December to discuss the shares of the curbs with Saudi Arabia expected to shoulder most of the volume. Analysts are speculating that the output cut could be between 1 million to 1.4 million barrels a day, which might send Brent above the USD70/barrel.