• UGI USER
  • Jun 03, 2024
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“OPEC+ EXTENDS DEEP OIL PRODUCTION CUTS INTO 2025 AMID MARKET CONCERNS”

Why in the news?

  • OPEC+ extended deep oil output cuts, totaling 5.86 million barrels per day, into 2025 to stabilize the market amidst tepid demand growth and high interest rates.
  • The decision aims to address concerns over low oil prices, driven by slow demand in China and rising oil stocks in developed economies.

About OPEC+:

  • Term for non-OPEC countries exporting crude oil.
  • Composition: Azerbaijan, Bahrain, Brunei, Kazakhstan, Russia, Mexico, Malaysia, South Sudan, Sudan, and Oman.
  • Purpose: Collaborative effort to regulate crude oil production for market stability.
source:shutter
About the Organization of the Petroleum Exporting Countries(OPEC) :

  • Permanent intergovernmental organization.
  • Created at the Baghdad Conference in 1960.
  • Founding Members: Iran, Iraq, Kuwait, Saudi Arabia, Venezuela.
  • Aims to manage oil supply to stabilize prices and avoid economic fluctuations.
  • Headquarters: Vienna, Austria.