Highlights

Saudi Arabia said it will unilaterally cut production by 1 millions barrels per day in an effort to boost prices. The cut is set for the month of July but could be extended if needed. OPEC+ as a whole agreed today to extend previously announced production cuts through 2024.

Definition

The Organization of Petroleum Exporting Countries and associate members meet on a monthly basis in an effort to set quotas for crude oil production. The group's 13 full members are dominated by Saudi Arabia with other active members including Algeria, Angola, Republic of Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, the United Arab Emirates, and Venezuela. Associate members can also be included at the meetings under special conditions set by the full members.

Description

OPEC meetings often result in changes to production quotas among members, raising or lowering the global supply of crude oil which in turn can have immediate outcomes for energy prices.
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