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

   www.reuters.com › business › energy

   Apr 3, 2023 · Key reasons explained. 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 ...

   • OPEC+ may stick with deep oil cuts for longer due to weak ...

     The group has cut output by 5.86 million barrels per day, or...

   • What oil production cuts were agreed at OPEC+ meeting?

     The figure comprises a 2 million bpd cut agreed last year...

2. www.reuters.com › business › energyOPEC+ may stick with deep oil cuts for longer due to weak ...

   www.reuters.com › business › energy

   18 hours 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. ... The last time OPEC did this was in 2014 ...

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     Why did OPEC cut oil production? Key reasons explained

     Apr 3, 2023

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

     Oct 6, 2022

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     OPEC+ agrees deep oil production cuts, Biden calls it shortsighted

     Oct 4, 2022

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4. www.cnn.com › 2024/06/02 › businessOPEC+ to extend deep oil production cuts into 2025 - CNN

   www.cnn.com › 2024/06/02 › business

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   Jun 2, 2024 · The Organization of the Petroleum Exporting Countries and its allies — a group of leading oil producers known as OPEC+ — agreed Sunday to extend production cuts announced last year into 2025.

5. www.reuters.com › business › energyWhat oil production cuts were agreed at OPEC+ meeting?

   www.reuters.com › business › energy

   Jun 5, 2023 · The figure comprises a 2 million bpd cut agreed last year from August 2022 production levels, and a further 1.66 million bpd of voluntary cuts from nine OPEC+ countries. OPEC+ did not increase the ...

6. 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 million ...

7. www.cnn.com › 2024/03/03 › businessOPEC+ members extend oil output cuts to Q2 | CNN Business

   www.cnn.com › 2024/03/03 › business

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   Mar 3, 2024 · OPEC+ member nations have agreed to extend their voluntary cuts to crude oil production through the second quarter, the group announced Sunday. ... the leading oil exporter, will still cut 1 ...

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 did OPEC+ last cut oil production?

   • The last time the group slashed oil production was in May 2020, when demand plummeted in the early days of the coronavirus pandemic. Since then, it's been slowly increasing production. Then last month, the group switched gears and cut 100,000 barrels on the market. That's one-tenth of what analysts predict OPEC+ could announce Wednesday.

   OPEC+ makes deep oil output cuts sought by Saudi Arabia and ... - NPR

   www.npr.org/2022/10/05/1126754169/opec-oil-production-cut

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   Will OPEC cut oil production in 2025?

   • CNN’s Eva Rothenberg contributed to this report. The Organization of the Petroleum Exporting Countries and its allies — a group of leading oil producers known as OPEC+ — agreed Sunday to extend production cuts announced last year into 2025.

   OPEC+ to extend deep oil production cuts into 2025 - CNN

   www.cnn.com/2024/06/02/business/opec-oil-production-cuts-2025/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 a million barrels a day?

   • The move is a part of the group’s perpetual balancing act to stabilize oil prices by reducing supply. OPEC+, a coalition of the world’s top oil producing countries, had announced voluntary oil cuts of 2.2 million barrels per day in November. Sunday’s extension loosened some of the larger production stoppages.

   OPEC+ members extend oil output cuts to Q2 | CNN Business

   www.cnn.com/2024/03/03/business/opec-crude-oil-production/index.html

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   Will OPEC+ cut production?

   • Deepening production cuts is also unlikely because several OPEC+ members are pushing to pump more, not less. Key among them is the United Arab Emirates, which argues it has kept output at around 3 million bpd for too long, far below its capacity.

   OPEC+ may stick with deep oil cuts for longer due to weak demand

   www.reuters.com/business/energy/opec-may-stick-with-deep-oil-cuts-longer-due-weak-demand-2024-11-20/

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9. www.npr.org › 2022/10/05 › 1126754169OPEC+ makes deep oil output cuts sought by Saudi Arabia and ...

   www.npr.org › 2022/10/05 › 1126754169

   Oct 5, 2022 · The OPEC+ alliance announced a 2 million barrels a day cut in oil production Wednesday — an amount that could drive oil and gas prices back up after weeks on a downward trend. The meeting of the ...