Explainer: Why is OPEC+ cutting oil output? – Reuters
- Date: 30-May-2023
- Source: Reuters
- Sector:Oil & Gas
- Country:Saudi Arabia
Explainer: Why is OPEC+ cutting oil output? – Reuters
LONDON, May 30 (Reuters) - OPEC and its allies, including Russia, meet in Vienna on June 4 to decide on their output policy.
The group, known as OPEC+, agreed on April 2 to increase crude oil production cuts to 3.66 million barrels per day (bpd) or 3.7% of global demand, after several members pledged unilateral cuts.
The surprise announcement helped to push up prices by about $9 a barrel to above $87 per barrel over the days followed, but Brent prices since lost those gains.
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