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The OPEC and non-OPEC producers (OPEC+) are debating crude oil output cuts in excess of 12 million barrels per day, Reuters reported on Thursday, citing an OPEC+ source familiar with talks.

OPEC+ reportedly wants other producers to contribute with a production reduction of 5 million barrels per day.

Market reaction

Crude oil prices edged slightly higher on this headline. As of writing, the barrel of West Texas Intermediate (WTI) was trading near $26, erasing 0.35% on a daily basis.

Earlier in the session, the WTI spiked to a daily high of $28.32 on the back of reports claiming that OPEC+ and other producers were looking to lower the oil output by as much as 20 million bpd.