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1. • • 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.
     www.bbc.co.uk/news/business-61188579

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

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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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   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 did OPEC+ impact crude prices?

   • A surprise announcement by OPEC+ in April to deepen production cuts helped to raise prices by about $9 a barrel to above $87 per barrel in the days followed. Yet benchmark crude prices have shed those gains since, with Brent futures on Monday trading at just under $78 a barrel.

   Explainer: Why is OPEC+ cutting oil output? | Reuters

   www.reuters.com/business/energy/why-is-opec-cutting-oil-output-2023-06-05/

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   How does OPEC+ influence global oil prices?

   • Because of the group’s large market share, its decisions influence global prices. Its members meet regularly to coordinate how much crude oil to sell collectively on global markets. "OPEC+ tailors supply and demand to balance the market," Kate Dourian of UK industry body the Energy Institute told the BBC.

   Explainer: What is OPEC? - The World Economic Forum

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

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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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   Did OPEC+ agree on a new oil output deal?

   • REUTERS/Leonhard Foeger/File Photo Purchase Licensing Rights LONDON, June 5 (Reuters) - The Organization of the Petroleum Exporting Countries and allies including Russia, a group known as OPEC+ which pumps around 40% of the world's crude, agreed on a new oil output deal on Sunday.

   Explainer: Why is OPEC+ cutting oil output? | Reuters

   www.reuters.com/business/energy/why-is-opec-cutting-oil-output-2023-06-05/

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

   www.reuters.com › markets › commodities

   May 24, 2024 · Despite deep production cuts Brent crude prices are trading near their lowest this year at $81 a barrel, down from a peak of $91 in April, pressured by elevated stocks and concerns over global...

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

   www.weforum.org › agenda › 2022

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   Nov 11, 2022 · 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?

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

   www.bbc.com › news › business-61188579

   • Cached

   Jun 5, 2023 · 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.

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7. www.reuters.com › business › energyExplainer: Why is OPEC+ cutting oil output? | Reuters

   www.reuters.com › business › energy

   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.

8. www.reuters.com › markets › commoditiesOPEC+ gambles that crude isn't too expensive to crimp demand

   www.reuters.com › markets › commodities

   Oct 5, 2023 · LAUNCESTON, Australia, Oct 5 (Reuters) - Saudi Arabia and Russia, the de facto leaders of the OPEC+ group of oil exporters, have extended their voluntary production cuts to at least the end of...

9. foreignpolicy.com › 2023/08/11 › crude-oil-demandGlobal Oil Demand Catapults to Record High - Foreign Policy

   foreignpolicy.com › 2023/08/11 › crude-oil-demand

   Aug 11, 2023 · In June, OPEC+ extended its limitation of crude supplies to the end of 2024 to further raise costs, even as production dropped to its lowest level since October 2021.

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

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

    • Cached

    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 than $130...