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Dec. 5, 2019, 10:19 a.m. EST

Russia, Saudi Arabia recommend deepening oil output cuts by 500,000 barrels a day: report

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By Myra P. Saefong

A committee of oil producers led by Saudi Arabia and Russia recommended on Thursday that the group deepen their current oil production cuts by 500,000 barrels a day, The Wall Street Journal reported, citing officials from the Organization of the Petroleum Exporting Countries. The committee is also pushing for improved compliance from countries such as Nigeria and Iraq, which have not fully met their quota commitments, the report said. January West Texas Intermediate crude rose 31 cents, or 0.5%, to $58.74 a barrel, while February Brent crude added 51 cents, or 0.8%, to $63.50 a barrel.

Read the full story:
Oil futures edge higher on report OPEC+ recommends deeper production cuts

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