Why is OPEC cutting oil output? – Reuters
- Date: 04-Apr-2023
- Source: Reuters
- Sector:Oil & Gas
- Country:Saudi Arabia
Why is OPEC cutting oil output? – Reuters
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 surprise announcement helped push up prices by $5 per barrel to above $85 per barrel.
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