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1. 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...

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...

3. Videos

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     Why did OPEC+ slash oil output? | Counting the Cost

     Oct 15, 2022

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     1:39

     reuters.com

     Oil leaps 6% as OPEC+ shocks markets by cutting output target

     Apr 2, 2023

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     1:53

     youtube.com

     World Business Watch: OPEC+ to cut oil production by 2 million barrels per day to shore up prices

     Oct 6, 2022

     25.5K Views

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

   www.reuters.com › business › energy

   Apr 3, 2023 · 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 global demand. The surprise...

5. www.cnn.com › 2020/04/12 › energyOPEC+ reaches deal to cut oil production by 9.7 million ... - CNN

   www.cnn.com › 2020/04/12 › energy

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   Apr 12, 2020 · The agreed reduction in output amounts to only about 10% of the world’s normal supply of oil, far below the estimates for how much demand for oil has collapsed amid the coronavirus pandemic.

6. www.nasdaq.com › articles › explainer-why-is-opecEXPLAINER-Why is OPEC+ cutting oil output? - Nasdaq

   www.nasdaq.com › articles › explainer-why-is-opec

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   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...

7. 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...

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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   When will OPEC cut oil production?

   • Members of OPEC and their allies, including Russia and Mexico, announced Sunday that they have agreed to cut production by 9.7 million barrels a day in May and June, the deepest cut ever agreed to by the world’s oil producers. After that, the group will steadily ramp up production until the agreement expires in April 2022.

   OPEC+ reaches deal to cut oil production by 9.7 million barrels ... - CNN

   www.cnn.com/2020/04/12/energy/opec-deal-production-cut/index.html

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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?

   • The changes, however, included lowered targets for Russia, Nigeria and Angola simply to bring them into line with current production levels. Here are the main reasons why OPEC+ cut output: Data from China has aroused fears that the economic recovery after coronavirus lockdowns by world's second-largest oil consumer is losing steam.

   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 does OPEC+ stop producing oil?

   • After that, the group will steadily ramp up production until the agreement expires in April 2022. The group, which together is known as OPEC+, had been seeking to cut production in order to buoy oil prices, which fell to 18-year lows in recent weeks.

   OPEC+ reaches deal to cut oil production by 9.7 million barrels ... - CNN

   www.cnn.com/2020/04/12/energy/opec-deal-production-cut/index.html

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   Why is OPEC tightening global oil supply?

   • 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 European Union embargoes on Russian energy over the Ukraine war. Here is what we know: What has OPEC decided and why?

   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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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 · 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...