Explainer: Big cuts in oil production from OPEC and others [Reuters (UK)]
Petroleo Brasileiro S.A.- Petrobras American Depositary Shares (PBR.A)
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Source: Reuters
Explainer: Big cuts in oil production from OPEC and others - Reuters 3 Min Read (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, led by Saudi Arabia, along with allies that include Russia, are cutting production by roughly 9.7 million bpd. This group is known as OPEC+. The OPEC+ countries are being joined by cuts from other major oil producers, many of whom rarely manage production at a national level. Several of those countries, including the United States and Canada, have said their cuts are economic in nature, with private producers reducing output in response to the 50% decline in prices in 2020. Others have announced cuts as well, including Brazil, whose state-run Petrobras is reducing its outpu
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