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- 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. Prices tend to fall when the group decides to supply more oil to the market.
www.reuters.com/markets/commodities/what-is-opec-how-does-it-affect-oil-prices-2024-05-24/
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Jun 5, 2023 · Opec was formed in 1960 as a cartel, which aimed to fix the worldwide supply of oil and its price. Opec nations produce about 30% of the world's crude oil. Saudi Arabia is the biggest...
Apr 1, 2021 · The Opec+ oil alliance decided on Thursday to increase output gradually from May as pressure mounts from inside and outside the producers group to release more barrels on to the market and...
- Anjli Raval
Jun 2, 2022 · Opec and its allies on Thursday agreed to accelerate oil production in July and August, as the cartel’s linchpin Saudi Arabia bowed to US pressure to cool a crude price rally that has threatened...
Jul 18, 2021 · Major oil producers reached a deal on Sunday to increase production, a move that could help ease the pressure on gas prices and inflation as economies around the world recover after pandemic...
Jul 1, 2021 · Saudi Arabia and Russia are working towards a deal to cautiously release more barrels into the oil market, with prices having climbed to the highest level in almost three years, but officials...
Nov 23, 2021 · Opec+, which includes major producers such as Saudi Arabia and Russia, has repeatedly rebuffed requests to pump more oil at its monthly meetings, causing frustration in the US.
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