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1. www.ft.com › 5ad12d12-d662-4e5b-88c8-6836dd1fb29aWhat does the US-backed Opec+ deal mean for the world?

   www.ft.com › 5ad12d12-d662-4e5b-88c8-6836dd1fb29a

   Opec agreed the biggest ever oil output cuts with the backing of Russia, the US and the wider G20 group of nations in an effort to bolster crude prices that the coronavirus outbreak has helped...

2. www.energypolicy.columbia.edu › publications › qaQ&A | Assessing the Impact of the Largest OPEC+ Production ...

   www.energypolicy.columbia.edu › publications › qa

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   Oct 19, 2022 · The geopolitical consequences became clear when the US clearly voiced its “disappointment” with what the White House has called a “shortsighted” decision by OPEC+. It has announced the release of an additional 10 million barrels from the US Strategic Petroleum Reserves (SPR) in November 2022.

3. www.economist.com › graphic-detail › 2020/11/30OPEC+ production cuts have done little to boost oil prices

   www.economist.com › graphic-detail › 2020/11/30

   Nov 30, 2020 · OPEC countries such as Nigeria and Iraq, struggling under the burdens of covid-19 and reduced oil revenue, are unhappy. But without a sustained increase in demand, the coalition has little choice...

4. oilprice.com › Energy › Crude-OilU.S. Crude Production Growth Challenges OPEC+ Control Over ...

   oilprice.com › Energy › Crude-Oil

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   Jun 12, 2024 · OPEC+ agrees to extend voluntary production cuts of 2.2 million BPD until the end of 2025, with gradual easing starting in October 2024. The decision aims to stabilize crude prices and balance...

5. www.eia.gov › todayinenergy › detailOPEC+ agreement to reduce production contributes to global ...

   www.eia.gov › todayinenergy › detail

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   Sep 23, 2020 · On April 15, members of the Organization of the Petroleum Exporting Countries (OPEC) and 10 non-OPEC partner countries, collectively known as OPEC+, agreed to reduce crude oil production in response to rapidly increasing global oil inventories in the first quarter of 2020.

6. www.investopedia.com › articles › investingOPEC vs. the US: Who Controls Oil Prices? - Investopedia

   www.investopedia.com › articles › investing

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   Jul 30, 2024 · In this article, we explore the historical rivalry between OPEC and the U.S. and its evolution. Both groups set their supply targets by consensus, though Saudi Arabia plays an outsized role...

7. People also ask

   What does OPEC's oil deal mean for oil prices?

   • Opec agreed the biggest ever oil output cuts with the backing of Russia, the US and the wider G20 group of nations in an effort to bolster crude prices that the coronavirus outbreak has helped push to 18-year lows. The question now is what the agreement means for the future of the energy industry and whether it will help oil prices recover.

   What does the US-backed Opec+ deal mean for the world?

   www.ft.com/content/5ad12d12-d662-4e5b-88c8-6836dd1fb29a

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   What does OPEC+ stand for?

   • On April 15, members of the Organization of the Petroleum Exporting Countries (OPEC) and 10 non-OPEC partner countries, collectively known as OPEC+, agreed to reduce crude oil production in response to rapidly increasing global oil inventories in the first quarter of 2020.

   OPEC+ agreement to reduce production contributes to global oil market

   www.eia.gov/todayinenergy/detail.php?id=45236

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   What happened to OPEC in 2016?

   • Rather, OPEC countries’ finances took a hit while the more efficient and flexible American competitors endured. The expanded OPEC+ group tried a different tactic in 2016. The group sought to turn back the clock on oil prices by reducing global output, at first by 1.8m barrels a day, but eventually by more than 5m.

   Daily chart - OPEC+ production cuts have done little to boost oil prices …

   www.economist.com/graphic-detail/2020/11/30/opec-production-cuts-have-done-little-to-boost-oil-prices

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   What does the oil cuts deal mean for OPEC?

   • The oil cuts deal is double the size of the curbs agreed following the global financial crisis and brings to an end a price war between Saudi Arabia, Opec’s de facto leader and largest producer, and Russia, a non-member that last month refused to sign up to more modest cuts.

   What does the US-backed Opec+ deal mean for the world?

   www.ft.com/content/5ad12d12-d662-4e5b-88c8-6836dd1fb29a

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   How did OPEC respond to the shale oil crisis?

   • That decline resulted in part from the rapid rise of America’s oil production brought about by shale oil: its share of the global oil market rose from 8% to 19% between 2011 and 2019. At first OPEC responded to this threat by opening the floodgates, lifting production caps in 2014.

   Daily chart - OPEC+ production cuts have done little to boost oil prices …

   www.economist.com/graphic-detail/2020/11/30/opec-production-cuts-have-done-little-to-boost-oil-prices

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   What happened to OPEC crude oil production?

   • The U.S. Energy Information Administration's (EIA) monthly data show that OPEC total crude oil production decreased by 6.0 million b/d from April to May, which was the largest monthly production decline since 1993.

   OPEC+ agreement to reduce production contributes to global oil market

   www.eia.gov/todayinenergy/detail.php?id=45236

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8. onlinelibrary.wiley.com › doi › fullOPEC at 60: the world with and without OPEC - Economou - 2021 ...

   onlinelibrary.wiley.com › doi › full

   May 7, 2021 · In face of a negative demand shock such as the COVID-19 crisis, oil exporters under the umbrella of OPEC and OPEC+ can coordinate their output policies and adjust their output to counter the shock, balance the market and draw down inventories.