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OPEC members Iraq, Nigeria agree to cut oil output

The group strives to prevent excess supply amid soaring U.S. production and a slowing global economy.

Oil prices have dropped below $60 per barrel in recent weeks from their 2019 peaks of $75 as fears of a global recession outweigh concerns about falling supply from sanctions-hit Iran and Venezuela.

A market-monitoring committee formed by the Organization of the Petroleum Exporting Countries and its allies, a grouping known as OPEC+, met on Thursday in Abu Dhabi ahead of their policy discussions in Vienna in December.

OPEC’s de facto leader, Saudi Arabia, had earlier said that it will continue pumping less than its target.

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