Crude Oil
OPEC+ announces new plan to reduce oil production in order to compensate for the overproduction
OPEC+ released a new schedule on Thursday for seven members nations to continue to cut oil production to compensate for pumping over agreed levels. This will be more than the monthly production increases the group plans to implement next month. According to a table posted on the OPEC website, the plan calls for monthly cuts between 189,000 barrels a day and 435,000 bpd. The planned cuts will last until June 20,26. OPEC+ (which includes OPEC, Russia, and other allies) has agreed to a series steps to support the global market. Since 2022, they have cut their output by 5,85 million...