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1. www.reuters.com › business › energyWhy did OPEC cut oil production? Key reasons explained

   www.reuters.com › business › energy

   Apr 3, 2023 · Key reasons explained. LONDON, April 3 (Reuters) - OPEC and its allies, including Russia, agreed on Sunday to widen crude oil production cuts to 3.66 million barrels per day (bpd) or 3.7% of ...

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

     Saudi Arabia, the group's biggest producer, will make a deep...

2. 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. A surprise ...

3. Videos

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     cnbc.com

     Here's why the OPEC+ output cuts took the industry by surprise

     Nov 9, 2024

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     2:35

     bloomberg.com

     OPEC+ Delivers Additional 1 Million Barrels/Day Cut

     Nov 30, 2023

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     2:18

     youtube.com

     OPEC+ stays on with production cut of 2 million barrels per day | Latest World News | English | WION

     Dec 4, 2022

     104.3K Views

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4. www.ft.com › content › c95db701-5d1d-4020-a897-9bWhy Opec+ is cutting oil output now - Financial Times

   www.ft.com › content › c95db701-5d1d-4020-a897-9b

   Apr 3, 2023 · Why Opec+ is cutting oil output now on ... for the end of the year from $90 a barrel to $95 a barrel. Opec+ may hope for higher prices still. ... the cut would add “support of around $10 per ...

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

   www.bbc.com › news › business-61188579

   Jun 5, 2023 · In 2020, the price of crude oil crashed because of a lack of buyers, as countries went into lockdown. Opec+ had to boost prices by cutting production dramatically - by more than nine million ...

6. ca.finance.yahoo.com › news › explainer-why-opecExplainer-Why is OPEC+ cutting oil output? - Yahoo Finance Canada

   ca.finance.yahoo.com › news › explainer-why-opec

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   May 30, 2023 · OPEC and its allies, including Russia, meet in Vienna on June 4 to decide on their output policy. The group, known as OPEC+, agreed on April 2 to increase crude oil production cuts to 3.66 million barrels per day (bpd) or 3.7% of global demand, after several members pledged unilateral cuts. The surprise announcement helped to push up prices by about $9 a barrel to above $87 per barrel over the ...

7. www.bbc.com › news › business-52264546Record deal to cut oil output ends price war - BBC

   www.bbc.com › news › business-52264546

   Apr 12, 2020 · The initial details of the deal, outlined by Opec+ on Thursday, would have seen the group and its allies cutting 10 million barrels a day or 10% of global supply from 1 May.

8. People also ask

   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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   Why is OPEC+ cutting oil output?

   • Saudi Arabia's voluntary cut of one million barrels a day comes into effect in July. It follows a cut of 1.16 million barrels a day in April, which was voluntarily undertaken by eight members of Opec+, and a group-wide cut of two million barrels a day in October 2022.

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

   www.bbc.com/news/business-61188579

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   What did OPEC cut in 2024?

   • On Sunday, in addition to extending the existing OPEC+ cuts of 3.66 million barrels per day (bpd), the group agreed to reduce overall production targets from January 2024 by a further 1.4 million bpd to a combined output of 40.46 million bpd.

   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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   Why did OPEC cut production?

   • The OPEC+ member states cut production starting in November after gathering for their first face-to-face meeting at their Vienna headquarters since the start of the COVID-19 pandemic. The group said the decision was based on the “uncertainty that surrounds the global economy and oil market outlooks”.

   Why is OPEC+ cutting oil production and what’s next?

   www.aljazeera.com/news/2022/10/6/why-is-opec-cutting-global-oil-production

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   Will OPEC reduce oil production by 10 million barrels a day?

   • "By the grace of Allah, then with wise guidance, continuous efforts and continuous talks since the dawn of Friday, we now announce the completion of the historic agreement to reduce production by approximately 10 million barrels of oil per day from members of 'OPEC +' starting from 1 May 2020," wrote Dr al-Fadhel in a tweet. Allow Twitter content?

   Record deal to cut oil output ends price war - BBC

   www.bbc.com/news/business-52264546

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   How much oil will OPEC cut per day?

   • The only detail to have been confirmed so far is that 9.7 million barrels per day will be cut by Opec oil producers and allies. On Monday in Asia, oil rose over $1 a barrel in early trading with global benchmark Brent up 3.9% to $32.71 a barrel and US grade West Texas Intermediate up 6.1% to $24.15 a barrel.

   Record deal to cut oil output ends price war - BBC

   www.bbc.com/news/business-52264546

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9. www.aljazeera.com › news › 2022/10/6Why is OPEC+ cutting oil production and what’s next?

   www.aljazeera.com › news › 2022/10/6

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   Oct 6, 2022 · 6 Oct 2022. Global oil supply is set to tighten, intensifying concerns over soaring inflation after the OPEC+ group of nations announced its largest supply cut since 2020. The move comes ahead of ...