In Pics | OPEC+ cuts oil production; here are possible economic, geopolitical impacts
On October 5, OPEC and its allies (a group often referred to as OPEC+) decided to reduce production by 2 million barrels per day. The production cuts will start in November. Here's how it may impact economic, geopolitical environment
The OPEC+ alliance has announced that it will slash oil production by 2 million barrels per day – the biggest cut since the start of the pandemic. The group says it’s taking the action to help boost oil prices. The White House has accused the alliance of siding with Russia. A look at why these oil production cuts may have significant economic and geopolitical consequences. (Image: News18 Creative)
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On October 5, OPEC and its allies (a group often referred to as OPEC+) decided to reduce production by 2 million barrels per day. The production cuts will start in November. (Image: News18 Creative)
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OPEC - Organization of the Petroleum Exporting Countries - was founded in Baghdad, Iraq with the signing of an agreement in September 1960 by five countries – Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. Whereas, the Organization of the Petroleum Exporting Countries Plus was formed in 2016 and includes the 13 OPEC members and 10 other non-OPEC members. (Image: News18 Creative)
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The non-OPEC countries that export crude oil along with the 13 OPEC countries are termed OPEC+. (Image: News18 Creative)
