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Opec+ to meet to consider oil output cuts; French economy shrinks
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Opec+ to meet to consider oil output cuts; French economy shrinks
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The aphorism-loving, bitcoin-hating sage behind Warren Buffett
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How Labour’s plan for ‘fair pay’ deals looks to solve UK crisis
Today's agenda
To cut or not to cut? That is the question facing Opec+ today as the oil cartel meets (virtually) to set production levels.

Opec and its allies are expected to try to agree to cut the amount of crude oil they pump, in another attempt to prop up prices as demand weakens.

But there is an unusual lack of consensus within the group, so analysts are not sure what to expect today.

This afternoon’s meeting has been delayed from last Sunday because of a disagreement over output quotas by the African oil-producing countries.

Yesterday, the Wall Street Journal reported that Opec and its Russia-led allies were considering new oil production cuts of as much as 1m barrels a day. That would be about 1% of global demand.

Opec+ has already been cutting output over the last year, and has removed about 5m barrels per day, despite pressure from the White House to pump more to bring down motor fuel prices.

Deutsche Bank has pointed out that if Opec+ does not cut output, then the global oil market would move into an oversupplied position in early 2024, given oil demand growth and rising non-Opec production.

Brent crude has hit a two-week high this morning, as traders brace for today’s Opec+ meeting.

It traded as high as $83.61 a barrel, the highest since 14 November.

The French economy is shrinking, as the eurozone economy teeters on the brink of recession.

Updated GDP data just released shows that France’s economy contracted by 0.1% in July-September. That is worse than the first estimate of 0.1% growth for Q3, and follows growth of 0.6% in Q2.

The new data shows that French investment and consumer spending were weaker than initially expected.

We find out today if inflation in the eurozone kept falling this month. The CPI index is expected to drop to 2.7%, from 2.9% in October, closer to the European Central Bank’s target of 2%.

There is also a eurozone jobs report, while Canada will become the last G7 country to report GDP figures for the third quarter of 2023 today.

The agenda
• 8.55am GMT: German unemployment
• 10am GMT: eurozone flash inflation report for November
• 10am GMT: eurozone unemployment report for October
• 1.30pm GMT: US weekly jobless claims
• 1.30pm GMT: Canada’s Q3 GDP report to be released Competition and Markets Authority chair at House of Lords committee
• 3pm GMT: Opec virtual meeting expected to start

We’ll be tracking all the main events throughout the day ...
Nils Pratley on finance
Watchdog is right to investigate supermarkets’ two-tier pricing tactics
Watchdog is right to investigate supermarkets’ two-tier pricing tactics
 

Natalie Hanman

Head of Environment, The Guardian

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Media
BBC  
Newsnight to become 30-minute programme as part of cost cuts
Newsnight to become 30-minute programme as part of cost cuts
Mexico  
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Spotlight
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‘A bus is open to everyone regardless of class’  
Riding the world’s biggest network
Rapid transit buses that ferry workers in and out of Jakarta have become hugely popular and are key to net zero ambitions
Popular on business
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