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Home Business & Finance

OPEC+ Extends Production Cuts in Uncertain Market

Eriki Joan UgunushebyEriki Joan Ugunushe
June 2, 2024
in Business & Finance
0
OPEC+ Extends Production Cuts in Uncertain Market
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The world’s most powerful oil producers, the OPEC+ alliance, made a surprising move on Sunday. They decided to extend production cuts, hoping to prop up oil prices in a shaky global market. Think of OPEC+ as a club of oil-rich countries, led by Saudi Arabia and Russia, who can influence how much oil hits the market and, consequently, how much it costs.

Table of Contents

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  • What They Are Saying
  • Why It Matters
  • Bottom Line

What They Are Saying

Their decision to extend cuts until the end of 2025 is like putting the brakes on the oil spigot. It’s a gamble aimed at preventing prices from collapsing. . Some members, like the big players Saudi Arabia and Russia, agreed to cut even deeper.

Why the drama? Cutting production means less money for these oil-reliant countries. But the fear of a price crash seems to have won this round. However, this isn’t the first time OPEC+ has played this game. Remember Angola? They left the club in a rush at the end of 2023 because of disagreements over cuts.

Some experts suspect more oil might be flowing than what’s officially reported, Plus, some members like Iraq and Russia haven’t exactly been model students, exceeding their quotas before.

Why It Matters

The big question: can OPEC+ keep this balancing act going? They’ll need to slowly increase production eventually, but if they do it too fast, prices could plummet.

Adding to the uncertainty, nobody’s quite sure how much oil the world will actually need in the coming year. A slowing economy usually translates to less demand for oil.

So, the oil barons are facing a tough challenge. They’re trying to keep prices high enough to fill their pockets, but not so high that people stop buying oil altogether.

Bottom Line

So, the oil kings face a tough challenge. They need high enough prices to fill their coffers, but not so high that people stop buying oil altogether. It’s a delicate dance with controversy swirling around every step. Only time will tell if they can pull it off.

Tags: Businessfederal characterFinancemarketNewsopecOPEC+ Extends Production Cuts in Uncertain MarketProduction
Eriki Joan Ugunushe

Eriki Joan Ugunushe

Eriki Joan Ugunushe is a dedicated news writer and an aspiring entertainment and media lawyer. Graduated from the University of Ibadan, she combines her legal acumen with a passion for writing to craft compelling news stories.Eriki's commitment to effective communication shines through her participation in the Jobberman soft skills training, where she honed her abilities to overcome communication barriers, embrace the email culture, and provide and receive constructive feedback. She has also nurtured her creativity skills, understanding how creativity fosters critical thinking—a valuable asset in both writing and law.

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