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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...

   • OPEC+ may stick with deep oil cuts for longer due to weak ...

     The group has cut output by 5.86 million barrels per day, or...

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 ...

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     Why did OPEC cut oil production? Key reasons explained

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

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     OPEC+ Cuts Oil Output | Will Oil Prices Surge? How Could It Affect The Countries? | UPSC 2023

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4. www.reuters.com › business › energyOPEC+ may stick with deep oil cuts for longer due to weak ...

   www.reuters.com › business › energy

   1 day ago · The group has cut output by 5.86 million barrels per day, or about 5.7% of global demand, in a series of steps agreed since 2022 to support the market. ... oil prices have mostly stayed in the $70 ...

5. economictimes.indiatimes.com › news › how-toExplained: Why is OPEC+ cutting oil output? - The Economic Times

   economictimes.indiatimes.com › news › how-to

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   Jun 5, 2023 · 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. 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.

6. 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 ...

7. energynow.ca › 2023 › 05Explainer: Why is OPEC+ Cutting Oil Output?

   energynow.ca › 2023 › 05

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   May 31, 2023 · LONDON, May 30 (Reuters) - 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,…

8. People also ask

   How has OPEC+ impacted oil prices?

   • This has left OPEC+ maintaining output cuts for longer than it had thought. The group has cut output by 5.86 million barrels per day, or about 5.7% of global demand, in a series of steps agreed since 2022 to support the market. Despite OPEC+'s cuts and delays to output hikes, oil prices have mostly stayed in the $70-$80 per barrel range this year.

   OPEC+ may stick with deep oil cuts for longer due to weak demand

   www.reuters.com/business/energy/opec-may-stick-with-deep-oil-cuts-longer-due-weak-demand-2024-11-20/

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   Why is OPEC+ cutting output?

   • Here are the main reasons why OPEC+ is cutting output: Saudi Arabia has said voluntary output cuts of 1.66 million bpd on top of the existing 2 million bpd cuts were made as a precautionary measure aimed at supporting market stability.

   Why did OPEC cut oil production? Key reasons explained

   www.reuters.com/business/energy/why-is-opec-cutting-oil-output-2023-04-03/

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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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   When was the last time OPEC raised oil output?

   • The last time OPEC did this was in 2014-2015, when it raised output to squeeze U.S. shale firms. OPEC+'s oil output is equal to 48% of world supply, the lowest since it was formed in 2016 with a market share of over 55%, according to Reuters calculations based on International Energy Agency figures.

   OPEC+ may stick with deep oil cuts for longer due to weak demand

   www.reuters.com/business/energy/opec-may-stick-with-deep-oil-cuts-longer-due-weak-demand-2024-11-20/

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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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   Will OPEC+ roll back production cuts in 2024 & 2025?

   • OPEC+ had planned to slowly roll back production cuts with small increases over many months in 2024 and 2025. But a slowdown in Chinese and global demand, and rising output outside the group, have put a dampener on that plan. This has left OPEC+ maintaining output cuts for longer than it had thought.

   OPEC+ may stick with deep oil cuts for longer due to weak demand

   www.reuters.com/business/energy/opec-may-stick-with-deep-oil-cuts-longer-due-weak-demand-2024-11-20/

   See all results for this question

9. www.theglobeandmail.com › business › industry-newsWhy is OPEC+ cutting oil output? - The Globe and Mail

   www.theglobeandmail.com › business › industry-news

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   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 ...