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- Reuters summarizes the key reasons that possibly explain the recent OPEC+ oil production cuts: 1) concerns about the global demand amid the "Western banking crisis", 2) punishing the speculators who sell short crude oil futures, 3) the need for higher oil prices due to the domestic economic needs, and 4) the Biden's administration refusal to refill the strategic reserves.
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...
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...
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 ...
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 more...
Apr 4, 2023 · Apr 4, 2023 – 9.32am. The OPEC+ group has shocked oil markets by announcing a surprise production cut of more than 1 million barrels a day, boosting the oil price and raising tensions with...
Oct 6, 2022 · 6 Oct 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...
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...
