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From the publication Oil Price.com
Posted on: October 19, 2022 at 10:49:27 CT
KC rules MU
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Weekly newsletter. "Last week, OPEC+ announced the biggest cut to its collective target since 2020. Despite the headline number of a cut of 2 million bpd, the actual reduction from current OPEC+ oil production would be half that figure, at around 1 million bpd-1.1 million bpd. That’s because many producers haven’t been able to produce to their quotas for months."
So yes, there will be a cut to current production but it will not be as big as the 2 million per day advertised cut. But what's also important is that oil prices remain relatively high today and it does not give OPEC the flexibility to raise production to meet even current demand so that will have an impact on price as well.
Edited by KC rules at 10:50:46 on 10/19/22
So yes, there will be a cut to current production but it will not be as big as the 2 million per day advertised cut. But what's also important is that oil prices remain relatively high today and it does not give OPEC the flexibility to raise production to meet even current demand so that will have an impact on price as well.
Edited by KC rules at 10:50:46 on 10/19/22
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From the publication Oil Price.com - KC rules MU - 10/19 10:49:27
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