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OPEC+ Extends Deep Oil Output Cuts

  • 04 Jun 2024
  • 1 min read

Source: TT

OPEC+ decided to extend significant oil output cuts through 2025, surpassing market expectations to support prices amid sluggish demand, high interest rates, and increasing US production.

  • According to its official website, the Organization of the Petroleum Exporting Countries (OPEC), established at the 1960 Baghdad Conference, is a permanent intergovernmental organisation with 12 member countries.
    • Its headquarters is in the Austrian capital Vienna.
    • OPEC member states produce about 40% of the world’s oil, and their exports comprise around 60% of the global petroleum trade.
    • Before OPEC was formed, the international oil market was dominated by the “seven sisters” group of multinational energy companies.
  • In 2016, OPEC and 10 other oil-producing countries, including Russia formed OPEC+ in response to plummeting oil prices due to increased U.S. shale oil output.

Read more: OPEC, OPEC+

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