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1. www.ft.com › content › c95db701-5d1d-4020-a897-9bWhy Opec+ is cutting oil output now - Financial Times

   www.ft.com › content › c95db701-5d1d-4020-a897-9b

   Apr 3, 2023 · The Opec+ group has shocked oil markets by announcing a surprise production cut of more than 1mn barrels a day, boosting the oil price and raising tensions with western allies.

2. www.reuters.com › markets › commoditiesWhat is OPEC+ and how does it affect oil prices? | Reuters

   www.reuters.com › markets › commodities

   May 24, 2024 · After that development, OPEC+ reduced oil production by 10 million barrels a day, which is equivalent to about 10% of global production, to try to bolster prices.

3. www.reuters.com › markets › commoditiesExplainer: Why does OPEC+ often clash over oil production ...

   www.reuters.com › markets › commodities

   May 28, 2024 · Saudi Arabia, for example, has a declared capacity 12 million barrels per day (bpd) - not far off the 11.5 million bpd used by OPEC+ as reference production for the kingdom from May 2022, and...

4. www.bbc.com › news › business-61188579Opec: What is it and what is happening to oil prices? - BBC

   www.bbc.com › news › business-61188579

   Jun 5, 2023 · Saudi Arabia has announced it will be cutting its production of crude oil by a million barrels a day to try to boost prices. Other members of the oil producers' group Opec+ agreed to keep their...

5. www.bbc.co.uk › news › business-61188579Opec: What is it and what is happening to oil prices?

   www.bbc.co.uk › news › business-61188579

   Jun 5, 2023 · Opec+ had to boost prices by cutting production dramatically - by more than nine million barrels per day. Following Russia's invasion of Ukraine, the price of Brent crude soared to more...

6. www.reuters.com › business › energyWhat is OPEC+ and how does it impact oil prices? | Reuters

   www.reuters.com › business › energy

   May 31, 2023 · After that development, OPEC+ slashed oil production by 10 million barrels a day, which is equivalent to around 10% of global production, to try to bolster prices.

7. People also ask

   How much oil does OPEC produce a day?

   • OPEC+ crude output represents about 41% of global oil production. The group's main objective is to regulate the supply of oil to the global market. The leaders are Saudi Arabia and Russia, which produce and 9 million and 9.3 million barrels per day (bpd) of oil respectively.

   What is OPEC+ and how does it affect oil prices? | Reuters

   www.reuters.com/markets/commodities/what-is-opec-how-does-it-affect-oil-prices-2024-05-24/

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   How did OPEC+ boost oil prices?

   • Opec+ had to boost prices by cutting production dramatically - by more than nine million barrels per day. Following Russia's invasion of Ukraine, the price of Brent crude soared to more than $130 a barrel. However, by March 2023 it had fallen back to little above $70 a barrel - a 15-month low.

   Opec: What is it and what is happening to oil prices? - BBC

   www.bbc.com/news/business-61188579

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   How many barrels a day does OPEC produce?

   • So they produced 2.95 million barrels a day in April, according to the Platts OPEC+ survey. And this was above its quota of 2.91 million barrels a day. If you look at the situation, it has estimated spare capacity of over 1.3 million barrels a day currently.

   Decoding the OPEC+ meeting: crude output increases in 2024

   www.spglobal.com/commodityinsights/en/market-insights/podcasts/oil/060624-opec-plus-crude-oil-output-cuts-quotas

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   Will OPEC+ cut cause a rise in oil prices?

   • Other members of the oil producers' group Opec+ agreed to keep their output levels unchanged, having made cuts of more than one million barrels a day last April. Oil analysts do not expect the most recent cut to cause a big rise in world crude prices. What is Opec+?

   Opec: What is it and what is happening to oil prices? - BBC

   www.bbc.com/news/business-61188579

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   Will OPEC+ see higher oil prices?

   • Goldman Sachs raised its forecast for the end of the year from $90 a barrel to $95 a barrel. Opec+ may hope for higher prices still. Many hedge funds had sold oil during last month’s banking turmoil, as risky assets such as commodities got caught up in a broader market sell-off.

   Why Opec+ is cutting oil output now - Financial Times

   www.ft.com/content/c95db701-5d1d-4020-a897-9b47085eef96

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   Why are OPEC+ capacity discussions so difficult?

   • Capacity discussions can also be complicated by different oil price preferences among OPEC+ members - some wanting higher prices and lower output and others prepared to tolerate lower prices with higher production. The International Monetary Fund estimates Saudi Arabia needs oil at $96.20 per barrel this year to balance its budget.

   Explainer: Why does OPEC+ often clash over oil production capacity?

   www.reuters.com/markets/commodities/why-does-opec-often-clash-over-oil-production-capacity-2024-05-28/

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8. www.spglobal.com › commodityinsights › enDecoding the OPEC+ meeting: crude output increases in 2024

   www.spglobal.com › commodityinsights › en

   • Cached

   Jun 6, 2024 · As it stands, they have been producing above their quotas. So they produced 2.95 million barrels a day in April, according to the Platts OPEC+ survey. And this was above its quota of 2.91 million barrels a day. If you look at the situation, it has estimated spare capacity of over 1.3 million barrels a day currently.