MARKET DAILY

Market 11/30: OPEC+ cuts oil production, PCE cools down

Consumer spending, inflation, and labor market cooling indicate the economy is slowing down. Pending home sales contracts drop to record low.

OPEC+ decides to cut oil production by an additional -1 million barrels/day.

Of which, Russia will continue to limit exports -500,000 barrels/day.

Meanwhile, Saudi Arabia alone maintains the plan to cut -1 million barrels/day since July, raising the total cut production to -2 million barrels/day from 2024.

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