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OPEC and its allies will meet on Sunday to debate a new deal possibly adjusting countries’ output quotas and a further cut in production, sources told Reuters, as the group faces flagging oil prices and a looming supply glut.
OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies led by Russia, pumps around 40% of the world’s crude, meaning its policy decisions can have a major impact on oil prices.
Four sources familiar with OPEC+ discussions have told Reuters that additional production cuts were being discussed among options for Sunday’s session.
“We are discussing the full package (of changes to the deal),” one of the four sources said.