Explainer: Why are OPEC+ supply cuts failing to boost oil prices? – Reuters.com
- Date: 04-Jul-2023
- Source: Reuters
- Sector:Oil & Gas
- Country:Saudi Arabia
Explainer: Why are OPEC+ supply cuts failing to boost oil prices? – Reuters.com
DUBAI/LONDON, July 4 (Reuters) - OPEC+, a group comprising the Organization of the Petroleum Exporting Countries and allies including Russia that pumps around 40% of the world's crude, has been cutting oil output since November in the face of flagging prices.
Members Saudi Arabia and Russia, the world's biggest oil exporters, deepened oil supply cuts on Monday in an effort to send prices higher. Yet the move only briefly lifted the market.
Both cuts came in addition to a broader OPEC+ deal to limit supply into 2024 initially introduced in April, and take total output reductions announced to over five million barrels per day (bpd), or about 5% of global oil output.
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