OPEC cut sends crude price surging

OPEC+, the international cartel of oil producing countries plus Russia, has announced a surprise cut in production, forcing prices up and risking new inflationary pressure on the global economy


OPEC+ output (million barrels/day) 	Brent crude (U.S. $/barrel)
  
Jan 2022 Price: $80.433 28mbd

Feb 24, 2022: Russia invades Ukraine

Mar $118.87 28.7mbd

Jul 2022: OPEC increases output by 0.6m bpd

Aug $92.34 29.7mbd

Oct 2022: Production cut until end of 2023

Mar 2023 $72.77 28.9 bbd

Apr 2, 2023: Output cut by around 1.16m bpd

Apr 3 $84.74


30 				120
29.5 				110
29 				100
28.5				90
				80
Jan Mar May Jul Sep Nov Jan Mar
  

OPEC+ PRODUCTION CUTS	barrels/day

Russia 500,000
Saudi Arabia	500,000 
Iraq 211,000
UAE 144,000 
Kuwait 128,000
Kazakhstan 78,000 
Algeria 48,000
Oman 40,000  


Source: OPEC
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