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Opec: What is it and what is happening to oil prices?

Posted on AllSides April 3rd, 2023
From The Center
Energy, Oil, OPEC, Saudi Arabia
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Several of the world's largest oil exporters have said they are cutting their production levels, which has caused a leap in crude prices.

Saudi Arabia, Iraq and several Gulf states are together cutting supplies by one million barrels of oil a day and Russia, their fellow member in the Opec+ group, is extending its cut of half a million barrels per day until the end of the year.

The move has ben criticised by the White House.

What is Opec+?

Opec+ is a group of 23 oil-exporting countries which meets regularly to...

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https://www.bbc.com/news/business-61188579

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