01 Dec, 23

Digesting the OPEC+ Production Cuts

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OPEC+ Agrees on Significant Output Cuts Amid Market Uncertainty In a decisive move, OPEC+ members, led by Saudi Arabia, have agreed to substantial voluntary output cuts totaling about 2.2 million barrels per day (bpd) for early next year. This announcement, which emerged from the group’s online meeting, has sent ripples through the global oil markets. Market Reaction to Voluntary Supply Cuts Despite the sizeable cut, benchmark global oil prices settled down by around 2%. This subdued reaction is attributed to the voluntary nature of the reductions…

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