{"id":2958,"date":"2023-06-05T01:54:39","date_gmt":"2023-06-04T23:54:39","guid":{"rendered":"https:\/\/www.dhcab.com\/?p=2958"},"modified":"2023-06-05T01:54:39","modified_gmt":"2023-06-04T23:54:39","slug":"opec-agrees-to-cut-oil-output-from-2024","status":"publish","type":"post","link":"https:\/\/www.dhcab.com\/?p=2958","title":{"rendered":"OPEC+ agrees to CUT oil output from 2024"},"content":{"rendered":"<div class=\"postie-post\">\n<div>\n<div dir=\"auto\">The Organization of Petroleum Exporting Countries (OPEC) and its allies, led by Russia, agreed Sunday to cut overall oil production targets by a further 1.4 million barrels per day (bpd) from January 2024 versus current targets to a combined of 40.46 million bpd, as the group seeks to boost flagging oil prices.<\/p>\n<p>Russia will extend its voluntary cut by 500,000 bpd until the end of December next year. Saudi Arabia will cut output in July on top of a broader OPEC+ deal to 9 million bpd from about 10 million bpd in May, the biggest reduction in years.<\/p>\n<p>Additionaly, OPEC+ extended until the end of 2024 production cuts of 3.66 million bpd, representing 3.6% of global demand, including 2 million bpd agreed last year and voluntary cuts of 1.66 million bpd agreed in April.<\/p>\n<p>OPEC+ pumps around 40% of the world&#8217;s crude, meaning its policy decisions can have a significant impact on oil prices.<\/p>\n<p>The West accuses OPEC of siding with Russia, manipulating oil prices and undermining the global economy through high energy costs.<\/p>\n<p>In response, OPEC insiders have said the West&#8217;s money-printing over the last decade has driven inflation and forced oil-producing nations to act to maintain the value of their main export.<\/p><\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Organization of Petroleum Exporting Countries (OPEC) and its allies, led by Russia, agreed Sunday to cut overall oil production targets by a further 1.4 million barrels per day (bpd) from January 2024 versus current targets to a combined of 40.46 million bpd, as the group seeks to boost flagging oil prices. Russia will extend [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2959,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25],"tags":[],"class_list":["post-2958","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-global-issues"],"_links":{"self":[{"href":"https:\/\/www.dhcab.com\/index.php?rest_route=\/wp\/v2\/posts\/2958","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.dhcab.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.dhcab.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.dhcab.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.dhcab.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2958"}],"version-history":[{"count":0,"href":"https:\/\/www.dhcab.com\/index.php?rest_route=\/wp\/v2\/posts\/2958\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.dhcab.com\/index.php?rest_route=\/wp\/v2\/media\/2959"}],"wp:attachment":[{"href":"https:\/\/www.dhcab.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2958"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.dhcab.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2958"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.dhcab.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2958"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}