Talks between oil producers for deeper cuts to production ran late into the night on Dec. 5 as OPEC officials took longer than anticipated to come to an agreement.

A preliminary meeting of ministers earlier in the day, involving Saudi Arabia and Russia, recommended that producers deepen existing production cuts of 1.2 million barrels a day (MMbbl/d) by 500,000 bbl/d to give a lift to a sluggish crude market.

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