The pledged reductions of over 2 million barrels per day, with half originating from Saudi Arabia, will be withdrawn based on market conditions and a phased-in approach, ensuring full delivery.
Record-breaking U.S. oil production is putting pressure on the OPEC+ group, with dissent within the alliance raising the specter of another oil price war.
Oil: Brent crude futures edged up 13 cents to USD 78.16 a barrel by 0106 GMT, while U.S. West Texas Intermediate crude futures were up 18 cents at USD 73.22 a barrel.
ALBAWABA – Oil prices steadied on Tuesday and the US Dollar held on to most its overnight gains as OPEC+ scrambles to reach a consensus over additional