🦄 What Does Opec Do Today

The Organization of the Petroleum Exporting Countries (OPEC) was founded in Baghdad, Iraq, with the signing of an agreement in September 1960 by five countries namely Islamic Republic of Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. They were to become the Founder Members of the Organization. Some of the world’s largest oil exporters shocked markets over the weekend by announcing that they would cut oil production by more than 1.6 million barrels a day. OPEC+, an alliance between the Iran — an OPEC member that is exempt from cuts because its oil exports have been subject to Western sanctions — is adding to supply. Thanks to what analysts say is loosened enforcement of The key reason why OPEC+ will continue to surprise with additional oil output cuts is simply that Saudi Arabia and many other OPEC countries need oil prices higher to survive and prosper At a meeting in November, Angola had protested a decision by OPEC to cut its production quota for 2024 to help prop up oil prices. Separately, the U.S. Energy Information Administration (EIA) said Russia, looking to quietly sell its oil at a discount to the OPEC+ rate through backdoor channels, as also analysed by OilPrice.com, said it will taper its 500,000 bpd additional export cut for The pandemic has worked out far better for the group of oil producers known as OPEC Plus than might have been expected a year ago. After a self-destructive price war, and a brief episode when some It was the first global oil shock. On Wednesday, the Jewish holy day of Yom Kippur, Saudi Arabia and its oil allies — which now include Russia in the Opec+ group — moved to upend the world’s PVagyt.

what does opec do today