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  • Mar 04, 2024
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OPEC – Plus

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News

  • OPEC+ Agrees to Extend 2.2 Million Barrels per Day Oil Output Cuts Into Second Quarter.

About the News

  • Decision of OPEC +:
    • Members of the coalition of the world’s leading oil-producing nations, OPEC+, have unanimously decided to prolong their voluntary oil output cuts of 2.2 million barrels per day (bpd) into the second quarter;
    • In line with this agreement, Saudi Arabia, as the head of OPEC, confirmed the extension of its voluntary 1 million barrels per day cut until the end of June, maintaining its output at approximately 9 million bpd;
  • Strategic Move:
    • The move is a strategic measure aimed at stabilizing global oil prices by curbing the overall supply in the market;
    • The extension also saw adjustments in production limits for Russia and Iraq, reducing their initial figures to 471,000 and 220,000 barrels per day, respectively;
    • Furthermore, UAE, Kuwait, and Kazakhstan announced their commitment to prolong existing voluntary cuts through the end of June.

OPEC (Organisation of the Petroleum Exporting Countries)

  • OPEC’s Origin and Headquarters: The Organization of the Petroleum Exporting Countries (OPEC) was established during the Baghdad Conference in Iraq in 1960 by Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. Originally headquartered in Geneva, Switzerland, it later relocated to Vienna, Austria in 1965.
  • Significance and Global Presence: OPEC holds a substantial position in the global oil landscape, representing approximately 44% of worldwide oil production and boasting 81.5% of the world’s proven oil reserves.
  • OPEC’s Objectives: OPEC’s primary objectives include coordinating and unifying petroleum policies among its member countries to ensure fair and stable prices, guaranteeing an efficient and regular petroleum supply to consuming nations, and providing a fair return on capital for industry investors.
  • Current OPEC Membership: Presently, OPEC consists of 13 member countries, namely Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, the United Arab Emirates, and Venezuela. Qatar terminated its membership in 2019, and Ecuador withdrew its membership effective January 2020.
  • Core Functions of OPEC: OPEC continually evaluates the international oil market’s status and future forecasts to make informed decisions aimed at promoting price stability. These decisions regarding oil production are determined during OPEC conferences.
  • OPEC and Russia Collaboration: As the third-largest oil supplier globally, Russia holds considerable influence in the global oil supply. Starting in 2017, OPEC and Russia collaborated informally to curtail production, stabilizing oil prices amid challenging market conditions.
  • OPEC + : The term “OPEC+” refers to the collaboration between the 14 OPEC countries and non-OPEC nations exporting crude oil. The non-OPEC countries include Azerbaijan, Bahrain, Brunei, Kazakhstan, Malaysia, Mexico, Oman, Russia, South Sudan, and Sudan. Saudi Arabia and Russia play pivotal roles in the OPEC+ alliance, aimed at supporting oil prices through production cuts.

Source: Newsonair

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