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Jun 5, 2023 · Here are the main reasons why OPEC+ cut output: ... commodities with oil prices falling to near $70 per barrel from a peak of $139 in March 2022. ... bpd until the end of the year and 9.3 million ...
- Why did OPEC cut oil production? Key reasons explained
OPEC and its allies, including Russia, agreed on Sunday to...
- OPEC+ may stick with deep oil cuts for longer due to weak ...
OPEC+ will have little room to manoeuvre on oil policy when...
- Why did OPEC cut oil production? Key reasons explained
Apr 3, 2023 · 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 global demand.
1 day ago · OPEC+ will have little room to manoeuvre on oil policy when it meets in December: it would be risky to increase output because of weak demand, and difficult to deepen supply cuts because some ...
Oct 5, 2022 · The 2 million bpd cut in oil production was backed by Saudi Arabia and could benefit Russia. The OPEC+ meeting took place as much of the world is battling soaring energy costs and rising inflation.
- Jackie Northam
- What Has OPEC Decided and Why?
- What Comes Next?
- How Has The World Reacted?
The Organization of the Petroleum Exporting Countries (OPEC) and their allies, including Russia, on Wednesday agreed to slash output by two million barrels per day (bpd)just ahead of the peak winter season. The OPEC+ member states cut production starting in November after gathering for their first face-to-face meeting at their Vienna headquarters s...
Swissquote analyst Ipek Ozkardeskaya warned the big cut could “backfire” on OPEC+ if investors fear it will push inflation higher and force central banks to hike interest rates so much that it triggers a recession. “The higher the energy prices, the sharper the central banks must kill demand to pull the prices lower,” she said before the decision w...
That move triggered a sharp response from Washington, which criticised the OPEC+ deal as shortsighted. The White House said US President Joe Biden would continue to assess whether to release further strategic oil stocks to lower prices. “Saudi, UAE (the United Arab Emirates) and Kuwait are likely to take up most of the burden of cuts,” Tilak Doshi,...
Jun 5, 2023 · 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.
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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 ...
