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1. kids.kiddle.co › OPECOPEC facts for kids - Kids encyclopedia

   kids.kiddle.co › OPEC

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   Oct 18, 2024 · The Organization of the Petroleum Exporting Countries (OPEC, / ˈoʊpɛk / OH-pek) is an organization enabling the co-operation of leading oil-producing countries in order to collectively influence the global oil market and maximize profit.

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

   www.reuters.com › markets › commodities

   May 24, 2024 · DUBAI, May 24 (Reuters) - The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia are known collectively as OPEC+ and will meet on June 2 to discuss their joint...

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

   globalnews.ca › news › 10522634

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   May 24, 2024 · The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia are known collectively as OPEC+ and will meet on June 2, 2024 to discuss their joint oil production...

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

   www.weforum.org › stories › 2022

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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.

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

   www.reuters.com › business › energy

   May 31, 2023 · OPEC+ represents around 40% of world oil production and its main objective is to regulate the supply of oil to the world market. The leaders are Saudi Arabia and Russia, which produce around 9...

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

   www.eia.gov › todayinenergy › detail

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   May 9, 2023 · 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+.

7. People also ask

   What does OPEC do?

   • 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. What do plastics, clothing, fertilizers and medicines have in common?

   Explainer: What is OPEC? - The World Economic Forum

   www.weforum.org/stories/2022/11/oil-opec-energy-price/

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   Will OPEC's joint oil production policy affect global oil prices?

   • Members of the The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia will meet next week (June 2, 2024) to discuss their joint oil production policy, which could have a impact on global oil prices. Jakub Porzycki/NurPhoto via Getty Images

   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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   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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   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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   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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   Why did OPEC reduce oil production?

   • After that development, OPEC+ reduced oil production by 10 million barrels a day, which is equivalent to about 10 per cent of global production, to try to bolster prices. OPEC+ to release more oil. OPEC says its job is to regulate supply and demand rather than prices.

   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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8. money.usnews.com › investing › newsFactbox-What Is OPEC+ and How Does It Impact Oil Prices?

   money.usnews.com › investing › news

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   Nov 20, 2023 · OPEC+ represents around 40% of world oil production and its main objective is to regulate the supply of oil to the world market.