VIENNA (Reuters) -- OPEC is gearing up to deepen oil supply cuts later this week but still needs to strike an agreement with allies such as Russia on details of a deal to support prices and prevent a glut next year.
The Organization of the Petroleum Exporting Countries (OPEC) meets on Thursday in Vienna followed by a meeting with Russia and others, a grouping known as OPEC+, on Friday. OPEC+ has curbed supply since 2017 to counter booming output from the United States, which has become the world’s biggest producer.