The voluntary reductions are intended to stabilize falling crude prices The OPEC+ group of major oil-producing countries led by Russia and Saudi Arabia agreed to deepen production cuts to about 2.2 million barrels per day (bpd) at a meeting on Thursday, according to a statement from the delegates. The group, which accounts for over 40% of global crude production, met to discuss next year’s output amid worries that the market faces a potential surplus after earlier production cuts were set to end next month. The new plan includes an extension of the previous 1 million bpd cut by Saudi Arabia and Russia's 300,000 bp
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