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1. • • 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.
     www.aljazeera.com/news/2022/10/6/why-is-opec-cutting-global-oil-production

     Why is OPEC+ cutting oil production and what’s next?

2. People also ask

   How does OPEC+ influence global oil prices?

   • Because of the group’s large market share, its decisions influence global prices. Its members meet regularly to coordinate how much crude oil to sell collectively on global markets. "OPEC+ tailors supply and demand to balance the market," Kate Dourian of UK industry body the Energy Institute told the BBC.

   Explainer: What is OPEC? - The World Economic Forum

   www.weforum.org/agenda/2022/11/oil-opec-energy-price/

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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.

   Monthly Oil Market Report 2022 - OPEC

   www.opec.org/opec_web/en/publications/6809.htm

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   How much oil does OPEC produce in 2022?

   • OPEC produced an estimated 28.7 million b/d of crude oil in 2022, which was 38% of total world oil production that year. The largest producer and most influential member of OPEC is Saudi Arabia, which was the world’s second-largest oil producer in 2022, after the United States.

   What is OPEC+ and how is it different from OPEC?

   www.eia.gov/todayinenergy/detail.php?id=56420

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   Will OPEC+ output increase in 2022?

   • Non-OPEC+ output is now seen growing by 2 mb/d in 2022, 100 kb/d lower than in last month’s Report. From this month, our OPEC+ supply estimates will be published on our website. Russian oil supply and exports continue to fall. So far in April, roughly 700 kb/d of production has reportedly been shut in.

   Oil Market Report - April 2022 – Analysis - IEA

   www.iea.org/reports/oil-market-report-april-2022?os=avefgi&ref=app

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3. www.weforum.org › agenda › 2022What are OPEC and OPEC+? How do they influence oil prices ...

   www.weforum.org › agenda › 2022

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   Nov 11, 2022 · OPEC produces about 40% of the world’s crude oil and its members’ exports make up around 60% of global petroleum trade. The group aims to regulate global oil prices by coordinating on reductions or increases in production.

4. www.opec.org › opec_web › enMonthly Oil Market Report 2022 - OPEC

   www.opec.org › opec_web › en

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   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.

5. Videos

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

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     OPEC releases 2022 World Oil Outlook

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     OPEC+ to cut oil supply: Impact on global inflation, Saudi-U.S. ties

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6. www.eia.gov › todayinenergy › detailWhat is OPEC+ and how is it different from OPEC?

   www.eia.gov › todayinenergy › detail

   • Cached

   May 9, 2023 · OPEC and OPEC+ countries combined produced about 59% of global oil production, 48 million b/d in 2022, and so influence global oil market balances and oil prices now more than ever. More recent production agreements have exempted Iran and Libya because of sanctions and other instability in crude oil output.

7. www.reuters.com › business › energyWhat is OPEC+ and how does it impact oil prices? | Reuters

   www.reuters.com › business › energy

   May 31, 2023 · How does OPEC influence global oil prices? OPEC member states' exports make up around 60% of global petroleum trade. In 2021, OPEC estimated that its member countries...

8. www.iea.org › reports › oil-market-report-april-2022Oil Market Report - April 2022 – Analysis - IEA

   www.iea.org › reports › oil-market-report-april-2022

   • Cached

   Global oil supply rose in March by 450 kb/d to 99.1 mb/d, led by non-OPEC+. Russian oil supply is expected to fall by 1.5 mb/d in April, with shut-ins projected to accelerate to around 3 mb/d from May.

9. www.iea.org › reports › oil-market-report-october-2022Oil Market Report - October 2022 – Analysis - IEA

   www.iea.org › reports › oil-market-report-october-2022

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   Oct 13, 2022 · The massive cut in OPEC+ oil supply increases energy security risks worldwide. Even taking into account lower demand expectations, it will sharply reduce a much needed build in oil stocks through the rest of this year and into the first half of 2023.

10. 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 · Opec+ is a group of 23 oil-exporting countries which meets regularly to decide how much crude oil to sell on the world market. At the core of this group are the 13 members of Opec...