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Weakening global economy
- OPEC+ agreed to cut its collective output limit by 2 million barrels day as it seeks to halt a slide in oil prices caused by the weakening global economy. It’s the biggest reduction by the Organization of Petroleum Exporting Countries and its allies since 2020, but will have a smaller impact on global supply than the headline number suggests.
time.com/6219783/opec-large-production-cut/
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...
- Explainer: Why is OPEC+ cutting oil output? | Reuters
Saudi Arabia, the group's biggest producer, will make a deep...
- Explainer: Why does OPEC+ often clash over oil production ...
LONDON, May 28 (Reuters) - OPEC+ is working to agree oil...
- Explainer: Why is OPEC+ cutting oil output? | Reuters
Jun 5, 2023 · Saudi Arabia, the group's biggest producer, will make a deep cut to its output in July on top of a broader OPEC+ deal to limit supply into 2024 as the group faces flagging oil prices.
May 28, 2024 · LONDON, May 28 (Reuters) - OPEC+ is working to agree oil production capacity for its member countries by the end of 2024, an issue that has created tensions in the past because each nation's...
Jun 5, 2023 · Opec nations produce about 30% of the world's crude oil. Saudi Arabia is the biggest single oil supplier within the group, producing more than 10 million barrels a day. In 2016, when oil...
Dec 21, 2023 · On November 30, 2023, OPEC (Organization of the Petroleum Exporting Countries) and its allies, collectively known as OPEC+, agreed to cut oil production by 1 million barrels per day (bpd)...
Oct 6, 2022 · Deep oil production cuts approved by OPEC+ have sent shockwaves across energy markets, put the cartel on a collision course with Washington and pointed to a strengthening bond between Saudi...
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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...
