Brandon and Scholz aren't going to like this
Opec+ plans substantial oil production cut to prop up prices
Group expected to discuss reduction of more than 1mn barrels a day at meeting on Wednesday
The Opec+ oil alliance is planning a substantial cut in production to prop up falling prices, according to people close to the discussions, as the group prepares to meet in person for the first time since March 2020.
The oil group, which is led by Saudi Arabia and Russia, is expected to discuss a production cut that could total more than 1mn barrels a day at the meeting on Wednesday. This is by far the largest since early in the pandemic and equivalent to more than 1 per cent of global supplies.