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- OPEC and all but one of its allied countries agreed on Saturday to extend record oil production cuts through July. Members of OPEC and their allies, including Russia and Mexico, already had pledged to cut output by 9.7 million barrels a day in May and June, which has helped prop up oil prices as demand for crude begins to recover.
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Apr 3, 2023 · LONDON, April 3 (Reuters) - OPEC and its allies, including Russia, agreed on Sunday to widen crude oil production cuts to 3.66 million barrels per day (bpd) or 3.7% of global demand.
Apr 12, 2020 · Opec producers and allies have agreed a record oil deal that will slash global output by about 10% after a slump in demand caused by coronavirus lockdowns.
6 days ago · OPEC+ has extended its production cuts totaling 3.66 million bpd until 2025. Further production cuts by OPEC+ could impact global oil prices and economic stability, particularly...
The OPEC Monthly Oil Market Report (MOMR) covers major issues affecting the world oil market and provides an outlook for crude oil market developments for the coming year. The report provides a detailed analysis of key developments impacting oil market trends in world oil demand, supply as well as the oil market balance.
- What Is The Likely Impact of The Announcement on The Oil Market?
- Why Now?
- How Have Large Economies Reacted?
Although the production cut is substantial, fewer real barrels will be removed from the market than stated in the announcement. Total production by the alliance was already 3.6 million b/d lower than the target in September 2022, with most members, including Russia, unable to meet their quotas. Thus, the reduction in output required to meet the low...
While OPEC+ has attributed the supply cut to a potential global recession, the move may be an attempt by the alliance to prop up oil prices. Since the beginning of the year, OPEC+ public pronouncements have consistently highlighted uncertainty in global demand outlooks due to the recurring impacts of the pandemic and uneven economic recovery global...
The geopolitical consequences became clear when the US clearly voiced its “disappointment” with what the White House has called a “shortsighted” decision by OPEC+. It has announced the release of an additional 10 million barrels from the US Strategic Petroleum Reserves (SPR) in November 2022. This brings the total supply from the SPR to 165 million...
Jun 5, 2023 · Saudi Arabia, the group's biggest producer, will make a deep cut to its output in July on top of a broader OPEC+ deal to limit supply into 2024 as the group faces flagging oil prices.
Apr 12, 2020 · Members of OPEC and their allies, including Russia and Mexico, announced Sunday that they have agreed to cut production by 9.7 million barrels a day in May and June, the deepest cut ever...
