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- 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 announcement by OPEC+ in April to deepen production cuts helped to raise prices by about $9 a barrel to above $87 per barrel in the days followed.
www.reuters.com/business/energy/why-is-opec-cutting-oil-output-2023-06-05/
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...
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. Despite OPEC+'s cuts and delays to output ...
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...
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...
May 28, 2024 · LONDON, May 28 (Reuters) - OPEC+ is working to agree oil production capacity for its member countries by the end of 2024, an issue that has created tensions in the past because each nation's...
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.
Nov 27, 2023 · LONDON (Reuters) -Saudi Arabia, Russia and other members of OPEC are scheduled to meet online on Thursday and could make further changes to an agreement that already limits supply into 2024,...
