Explainer: Big cuts in oil production from OPEC and others [Reuters]
Petroleo Brasileiro S.A. Petrobras American Depositary Shares representing Preferred Shares (PBR.A)
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Source: Reuters
Explainer: Big cuts in oil production from OPEC and others (Reuters) - Worldwide oil producers, led by OPEC, are expected to cut production by roughly 20 million barrels per day (bpd), roughly equal to 20% of global daily supply, through a combination of mandated cuts, production falls due to poor economics, and purchases into oil reserves. The Organization of the Petroleum Exporting Countries, or OPEC, is a group of many of the world’s largest oil producers, who set production goals to try to maintain prices at a stable level. The countries include Saudi Arabia, Iraq and United Arab Emirates, and together account for about one-third of worldwide oil supply. OPEC+ includes those countries as well as several other oil producers, most notably Russia, who came together in late 2016 to agree to reduce output to prevent prices from falling dramatically as U.S. shale oil production grew to record highs, eventually boosting the United States to top global producer. That deal, which was then
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