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- 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
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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...
May 31, 2023 · Oil prices on Nov. 16 slumped by about 5% to a four-month low amid economic growth concerns. They have since recovered some ground on expectations that OPEC+ will take action to shore up...
Nov 11, 2022 · More recently, crude oil prices crashed in mid-2020 when countries around the world went into lockdown. Following this, OPEC+ members decided to slash production by 10 million barrels a day – about 10% of global production – to try to push prices back up.
Jun 2, 2022 · The OPEC oil cartel and allied producing countries including Russia will raise production by 648,000 barrels per day in July and August, offering modest relief for a global economy suffering...
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...
Sep 2, 2024 · The initial reaction to the OPEC+ announcement was mildly bullish for crude prices, with global benchmark Brent futures rising from a six-month low of $76.76 a barrel on June 4 to reach...
Apr 9, 2023 · OPEC+’s surprise oil-production cut sent shock waves through financial markets and pushed crude prices up by the most in a year. Now that the dust has started to settle, one question...