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May 24, 2024 · The OPEC+ group is currently cutting output by 5.86 million bpd, equal to about 5.7 per cent of global demand. The cuts include 3.66 million bpd by OPEC+ members to the end of 2024.
- 2 min
- Yousef Saba
May 24, 2024 · The OPEC+ group is currently cutting output by 5.86 million bpd, equal to about 5.7% of global demand. The cuts include 3.66 million bpd by OPEC+ members to the end of 2024.
May 31, 2023 · The Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, are known as OPEC+ and will meet in Vienna, Austria, on Nov. 26 to discuss their joint output policy.
Nov 11, 2022 · Another 10 major oil producing countries including Russia have aligned with the group to form an alliance known as OPEC+. OPEC produces about 40% of the world’s crude oil and its members’ exports make up around 60% of global petroleum trade. The group aims to regulate global oil prices by coordinating on reductions or increases in production.
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Jun 5, 2023 · "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."
