Saudi Arabia will extend a cut in the amount of oil it sends to the world after a series of reductions by members of the OPEC+ alliance of major producing

OPEC+ meeting resulted in several more members making deep oil supply cuts whilst others stuck to existing reductions. Euronews Business take a look at how the news moved oil markets.

Saudi Arabia, which leads the alliance of oil producers, has been instituting voluntary production cuts in an effort to keep prices up.

The OPEC oil cartel led by Saudi Arabia and allied producers including Russia are trying to agree on cuts to the amount of crude they send to the world

T he OPEC oil cartel led by Saudi Arabia and allied producers including Russia will try to agree Thursday on cuts to the amount of crude they send to the world, with prices having tumbled lately despite their efforts to prop them up.

Saudi Arabia, Russia and other members of OPEC are scheduled to meet online on Thursday and could make further changes to an agreement that already limits supply into 2024, according to analysts and OPEC+ sources,

Major oil-producing nations led by Riyadh and Moscow were moving towards an agreement to further slash production to prop up volatile prices, a source close to the negotiations told AFP.    Ministers from the 13-member Organization of the Petroleum Exporting Countries (OPEC) headed by Saudi Arabia and its 10 partners led by Russia have agreed to "further cut production by 600,