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1. www.weforum.org › stories › 2022What are OPEC and OPEC+? How do they influence oil prices ...

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   Nov 11, 2022 · Saudi Arabia and Iraq are members of a group called OPEC, while Russia is a member of a larger group called OPEC+. What are these groups, and what do they do? The US is the world’s biggest crude oil producer but is not a member of OPEC.

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

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   May 24, 2024 · 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.

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4. globalnews.ca › news › 10522634What is OPEC and how does it affect oil prices?

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   May 24, 2024 · OPEC+ crude output represents about 41 per cent of global oil production. The group’s main objective is to regulate the supply of oil to the global market.

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

   www.reuters.com › business › energy

   May 31, 2023 · What are OPEC and OPEC+? OPEC was founded in 1960 in Baghdad by Iraq, Iran, Kuwait, Saudi Arabia and Venezuela with an aim of coordinating petroleum policies and securing fair and stable prices....

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

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   Jun 5, 2023 · Opec+ is a group of 23 oil-exporting countries which meets regularly to decide how much crude oil to sell on the world market. At the core of this group are the 13 members of Opec (Organization...

7. www.eia.gov › todayinenergy › detailWhat is OPEC+ and how is it different from OPEC? - U.S ...

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   May 9, 2023 · OPEC’s stated objective is to “co-ordinate and unify petroleum policies among Member Countries” to secure pricing for producers, supply for consumers, and return on capital for investors, although the group is best known for its effect on global crude oil prices.

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   How does OPEC+ work?

   • Together, Opec+ countries produce about 40% of all the world's crude oil. "Opec+ tailors supply and demand to balance the market," says Kate Dourian, of the Energy Institute. "It keeps prices high by lowering supplies when the demand for oil slumps." The organisation can also lower prices by putting more oil into the market.

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

   www.bbc.com/news/business-61188579

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   How does OPEC manage oil prices?

   • OPEC regularly meets to set oil production targets and coordinate output to help manage global oil prices for the entire group. In 2016, largely in response to dramatically falling oil prices driven by significant increases in U.S. shale oil output, OPEC signed an agreement with 10 other oil-producing countries to create what is now known as OPEC+.

   What is OPEC+ and how is it different from OPEC?

   www.eia.gov/todayinenergy/detail.php?id=56420

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   What is OPEC's main objective?

   • 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. Angola, which joined OPEC in 2007, quit the bloc at the start of this year, citing disagreements over production levels.

   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 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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   Will OPEC+ release more oil?

   • OPEC+ to release more oil. OPEC says its job is to regulate supply and demand rather than prices. The group’s members depend heavily on oil revenue, with Saudi Arabia’s budget balancing at an oil price of between $90 and $100 a barrel, according to various estimates.

   What is OPEC and how does it affect oil prices?

   globalnews.ca/news/10522634/what-is-opec-and-how-does-it-affect-oil-prices/

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   What is OPEC+ and how is it different?

   • U.S. Energy Information Administration (EIA) What is OPEC+ and how is it different from OPEC? Updated July 3 to correct OPEC crude production figures. Data source: U.S. Energy Information Administration, Short-Term Energy Outlook, April 2023Note: OPEC oil totals are crude oil; OPEC+ oil totals are crude oil and lease condensate.

   What is OPEC+ and how is it different from OPEC?

   www.eia.gov/todayinenergy/detail.php?id=56420

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9. money.usnews.com › investing › newsWhat Is OPEC+ and How Does It Affect Oil Prices? - U.S. News

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   May 24, 2024 · 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.