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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 U.S. has become the world's largest oil producer,...
- Explainer: Why is OPEC+ cutting oil output? | Reuters
U.S. crude oil production is set to rise by 5.1% to 12.53...
- OPEC+ may stick with deep oil cuts for longer due to weak ...
- What Has OPEC Decided and Why?
- What Comes Next?
- How Has The World Reacted?
The Organization of the Petroleum Exporting Countries (OPEC) and their allies, including Russia, on Wednesday agreed to slash output by two million barrels per day (bpd)just ahead of the peak winter season. The OPEC+ member states cut production starting in November after gathering for their first face-to-face meeting at their Vienna headquarters s...
Swissquote analyst Ipek Ozkardeskaya warned the big cut could “backfire” on OPEC+ if investors fear it will push inflation higher and force central banks to hike interest rates so much that it triggers a recession. “The higher the energy prices, the sharper the central banks must kill demand to pull the prices lower,” she said before the decision w...
That move triggered a sharp response from Washington, which criticised the OPEC+ deal as shortsighted. The White House said US President Joe Biden would continue to assess whether to release further strategic oil stocks to lower prices. “Saudi, UAE (the United Arab Emirates) and Kuwait are likely to take up most of the burden of cuts,” Tilak Doshi,...
Oct 6, 2022 · The Biden administration has accused OPEC+, a cartel of top oil producers, of siding with Russia after the group decided to slash oil production to drive up prices—theoretically benefiting ...
- Christina Lu
Oct 6, 2022 · Explainer: Why is OPEC slashing oil production? Deep oil production cuts approved by OPEC+ have sent shockwaves across energy markets, put the cartel on a collision course with Washington and ...
1 day ago · The U.S. has become the world's largest oil producer, pumping more than 20 million bpd or a fifth of global production. Top OPEC producer Saudi Arabia's crude output is less than 9% of the global ...
Jun 5, 2023 · U.S. crude oil production is set to rise by 5.1% to 12.53 million barrels per day (bpd) in 2023 and by 1.3% to 12.69 million bpd in 2024, according to government forecasts. This compares with ...
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Apr 12, 2020 · Opec producers and allies have agreed a record oil deal that will slash global output by about 10% after a slump in demand caused by coronavirus lockdowns. The deal, agreed on Sunday via video ...
