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1. • • It is thought that Saudi Arabia, which is currently chairing Opec+, needs to have the price of Brent crude rising to $80 (£65) a barrel or more to cover its government spending and import bill. In 2020, the price of crude oil crashed because of a lack of buyers, as countries went into lockdown.
     www.bbc.co.uk/news/business-61188579

     Opec: What is it and what is happening to oil prices?

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   How does OPEC affect global oil prices?

   • OPEC estimates that its member countries hold about 80% of the world's proven oil reserves. Because of its large market share, the decisions OPEC makes can affect global oil prices. Its members meet regularly to decide how much oil to sell on global markets. As a result, when they lower supply in response to falling demand, oil prices tend to rise.

   What is OPEC+ and how does it affect oil prices? | Reuters

   www.reuters.com/markets/commodities/what-is-opec-how-does-it-affect-oil-prices-2024-05-24/

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   What is the OPEC Monthly oil market report?

   • The report provides a detailed analysis of key developments impacting oil market trends in world oil demand, supply as well as the oil market balance. In an effort to continuously enhance the service provided to our readers, we are pleased to announce that the analysis provided in the OPEC Monthly Oil Market Report is now more accessible than ever.

   OPEC : Monthly Oil Market Report 2020

   www.opec.org/opec_web/en/publications/5844.htm

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   Why is OPEC releasing more oil?

   • Gasoline prices are an important political subject in the United States, where a presidential election takes place this year, and have prompted Washington to make repeated calls on OPEC+ to release more oil. OPEC says its job is to regulate supply and demand rather than prices.

   What is OPEC+ and how does it affect oil prices? | Reuters

   www.reuters.com/markets/commodities/what-is-opec-how-does-it-affect-oil-prices-2024-05-24/

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   What does OPEC's oil deal mean for oil prices?

   • Opec agreed the biggest ever oil output cuts with the backing of Russia, the US and the wider G20 group of nations in an effort to bolster crude prices that the coronavirus outbreak has helped push to 18-year lows. The question now is what the agreement means for the future of the energy industry and whether it will help oil prices recover.

   What does the US-backed Opec+ deal mean for the world? - Financial T…

   www.ft.com/content/5ad12d12-d662-4e5b-88c8-6836dd1fb29a

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   Will OPEC+ increase production again in December?

   • In December, production may rise again ahead of OPEC+ increasing its quota by 0.5 mb/d in January. OPEC+ dominates global growth in the near term, with virtually all the 4Q20 gains and 80% in 1Q21. For 2021 as a whole, non-OPEC producers outside OPEC+ are expected to increase output by 400 kb/d after a fall of 1.3 mb/d in 2020.

   Oil Market Report - December 2020 – Analysis - IEA

   www.iea.org/reports/oil-market-report-december-2020

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   Why did oil prices crash in 2020?

   • 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 million barrels per day. Following Russia's invasion of Ukraine, the price of Brent crude soared to more than $130 a barrel.

   Opec: What is it and what is happening to oil prices? - BBC

   www.bbc.com/news/business-61188579

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3. www.bbc.com › news › business-61188579Opec: What is it and what is happening to oil prices? - BBC

   www.bbc.com › news › business-61188579

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   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...

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4. www.reuters.com › markets › commoditiesWhat is OPEC+ and how does it affect oil prices? | Reuters

   www.reuters.com › markets › commodities

   May 24, 2024 · Ecuador quit OPEC in 2020 and Qatar in 2019. HOW DOES OPEC INFLUENCE GLOBAL OIL PRICES? OPEC says its member states' exports account for about 49% of global crude exports. OPEC estimates...

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     Crude Oil Prices Rise Ahead Of OPEC+ Meet On Nov 30 | CNBC TV18

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     Oil Prices Head for Biggest Annual Drop Since 2020

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     Crude Oil Prices Hold Gains Ahead Of OPEC+ Meeting Today | CNBC TV18

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6. www.iea.org › reports › oil-market-report-december-2020Oil Market Report - December 2020 – Analysis - IEA

   www.iea.org › reports › oil-market-report-december-2020

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   Dec 15, 2020 · Oil prices have moved rapidly and smoothly from contango to backwardation, based on stronger Asian demand and effective OPEC+ supply management. ICE Brent futures rose $2.46/bbl in November to $43.98/bbl and closed at $49.97/bbl on 11 December.

7. www.cbc.ca › news › canadaOil surges to 7-year high after OPEC+ decides on cautious ...

   www.cbc.ca › news › canada

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   Oct 4, 2021 · Oil prices jumped Monday after OPEC and allied oil producing countries stayed with their gradual approach to restoring output slashed during the pandemic, agreeing to add only 400,000 barrels...

8. www.ft.com › content › 5ad12d12-d662-4e5b-88c8-6836What does the US-backed Opec+ deal mean for the world?

   www.ft.com › content › 5ad12d12-d662-4e5b-88c8-6836

   Apr 13, 2020 · Opec agreed the biggest ever oil output cuts with the backing of Russia, the US and the wider G20 group of nations in an effort to bolster crude prices that the coronavirus outbreak has helped...

   • Author: Anjli Raval

9. www.opec.org › opec_web › enMonthly Oil Market Report 2020 - OPEC

   www.opec.org › opec_web › en

   • Cached

   The OPEC Monthly Oil Market Report (MOMR) covers major issues affecting the world oil market and provides an outlook for crude oil market developments for the coming year. The report provides a detailed analysis of key developments impacting oil market trends in world oil demand, supply as well as the oil market balance.

10. www.iea.org › reports › oil-market-report-november-2020Oil Market Report - November 2020 – Analysis - IEA

    www.iea.org › reports › oil-market-report-november-2020

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    Nov 12, 2020 · In November, world oil supply may rise by over 1 mb/d as the US recovers from hurricanes and Libya continues to bounce back. Output from producers outside of OPEC+ is set to fall by 1.3 mb/d in 2020 and rise by 0.2 mb/d next year. US supply falls by 600 kb/d in 2020 and by 655 kb/d in 2021.