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Oil market update ShareCafe19:15 14-Jul-24
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15 Jul 15:31

About our OPEC news

Latest news on OPEC, the Organisation of the Petroleum Exporting Countries, which is an organisation enabling the co-operation of leading oil-producing countries to collectively influence the global market and maximise profit. OPEC+ is a larger group that includes OPEC and 10 other major oil-producing countries, such as Russia, that have aligned with OPEC to form an alliance to have more control over the global crude oil market. OPEC and OPEC+ influence oil prices by setting production targets for their member nations, affecting the global supply and demand of oil.

As of June 2024, several OPEC+ countries have announced the extension of additional voluntary cuts of 2.2 million barrels per day for the second quarter of 2024. Saudi Arabia, the de facto leader of OPEC, has extended its voluntary cut of 1 million barrels per day through the end of June, maintaining its production at around 9 million barrels per day. Russia has also committed to an additional cut of 471,000 barrels per day. These measures are aimed at supporting market stability amid economic uncertainty and fluctuating demand.

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