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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 · Here are the main reasons why OPEC+ is cutting output: CONCERNS ABOUT WEAK GLOBAL DEMAND. Saudi Arabia has said voluntary output cuts of 1.66 million bpd on top of the existing 2...

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

     Here are the main reasons why OPEC+ cut output: CONCERNS...

   • Why is OPEC+ cutting oil output? | Reuters

     Here are the main reasons why OPEC+ cut output: CONCERNS...

2. 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 · The Opec+ group has shocked oil markets by announcing a surprise production cut of more than 1mn barrels a day, boosting the oil price and raising tensions with western allies. But why has the...

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

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     Why did OPEC cut oil production? Key reasons explained

     Apr 3, 2023

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     OPEC + to cut oil production by one million barrels per day | World Business Watch

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4. www.reuters.com › business › energyExplainer: Why is OPEC+ cutting oil output? | Reuters

   www.reuters.com › business › energy

   Jun 5, 2023 · Here are the main reasons why OPEC+ cut output: CONCERNS ABOUT WEAK GLOBAL DEMAND. Data from China has aroused fears that the economic recovery after coronavirus lockdowns by world's...

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 · 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...

6. www.firstpost.com › explainers › opec-oil-productionOil’s Not Well: Why OPEC+ has cut oil production and how it ...

   www.firstpost.com › explainers › opec-oil-production

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   Apr 3, 2023 · OPEC+, the group of oil producers led by Saudi Arabia, announced a cut of more than one million barrels per day from May until the end of the year. While it said the move was aimed at maintaining stability, many experts believe it is a sign of Riyadh’s independence from Washington.

7. www.zawya.com › en › newsOPEC+ may stick with deep oil cuts for longer due to ... - ZAWYA

   www.zawya.com › en › news

   • Cached

   1 day ago · 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.

8. People also ask

   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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   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 did OPEC cut output?

   • They acted today to prevent a repeat of 2008, when OPEC cut too late to prevent oil prices from collapsing under the weight of the global financial crisis.” The cut in output will hit the market which is tightly balanced between supply and demand. Reuters What has been the effect of the cuts?

   Oil’s Not Well: Why OPEC+ has cut oil production and how it could

   www.firstpost.com/explainers/opec-oil-production-cuts-countries-12396542.html

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   What if OPEC+ production cut causes oil to rally?

   • If an unexpected OPEC+ production cut causes oil to rally, they face a loss. Analysts at Standard Chartered bank said in a report last week that short speculative positions in crude oil earlier this month were as bearish as they were at the start of the pandemic in 2020 - when oil demand and prices collapsed.

   Why is OPEC+ cutting oil output? | Reuters

   www.reuters.com/business/energy/why-is-opec-cutting-oil-output-2023-05-30/

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   What is OPEC+'s output policy?

   • 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, after several members pledged unilateral cuts.

   Why is OPEC+ cutting oil output? | Reuters

   www.reuters.com/business/energy/why-is-opec-cutting-oil-output-2023-05-30/

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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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9. www.reuters.com › business › energyWhy is OPEC+ cutting oil output? | Reuters

   www.reuters.com › business › energy

   May 30, 2023 · Here are the main reasons why OPEC+ cut output: CONCERNS ABOUT WEAK GLOBAL DEMAND. Saudi Arabia has said voluntary output cuts of 1.66 million bpd on top of the existing 2 million bpd...