OPEC+ Extends Oil Output Cuts, Invites Brazil to Join

OPEC+ has agreed to voluntary oil output cuts totaling about 2.2 million barrels per day (bpd) for early next year, with Saudi Arabia rolling over its current voluntary cut and Russia cutting 500,000 bpd. The group also invited Brazil to join. Oil prices initially rose but later fell, reflecting doubts about the effectiveness of the cuts. OPEC+ is focused on lower output due to concerns over weaker economic growth and expectations of a supply surplus.