OPEC

OPEC prevents the bottom from dropping out

OPEC building
Photo: Omar Marques/SOPA Images/LightRocket via Getty Images

The upshot of the revised OPEC+ deal seems to be that they've kept a floor under prices for now and even pushed them up, but they've hardly juiced the market.

Catch up fast: OPEC and allied producers including Russia on Friday deepened their production-limiting deal by 500,000 barrels per day as they seek to prevent a glut. But there was a twist: Saudi Arabia pledged to continue with a voluntary output cut of another 400,000 daily barrels.

OPEC and Russia near deal on deeper crude cuts, reports say

OPEC and allied producers — notably Russia — are coalescing around a plan to deepen their joint crude oil production restrictions by 500,000 barrels per day, according to multiple reports from Vienna, where the OPEC+ group is currently gathered.

Why it matters: The emerging agreement signals how petro-states are grappling with how to prop up prices amid rising supplies from the U.S. and elsewhere, and sluggish global demand that's hampered by trade battles.