In a recent report by Oil and Gas 360, sourced from Reuters, the focus of attention is the powerful OPEC+, a coalition composed of the Organization of the Petroleum Exporting Countries and affiliates headed by Russia. Usually, this unified collective of major oil exporting countries plays a pivotal role in regulating oil prices and dictating global oil market trends.
1. The OPEC+ is a powerful coalition composed of the Organization of the Petroleum Exporting Countries and affiliates led by Russia.
2. This collective of major oil exporting countries plays a crucial role in regulating oil prices and dictating global oil market trends.
3. OPEC+ often manipulates global oil and gas prices through their strategic decisions on production rates.
4. The group's influence is derived from their control over a significant portion of the world's crude oil reserves, enabling them to dictate the supply side of the market equation.
5. Decisions made by OPEC+ significantly impact global oil prices, with recent fluctuations often heavily influenced by their meetings and resolutions.
In October 2021, OPEC+ declined to increase oil production levels despite global pressure, maintaining its increase rate at only 400,000 barrels per day.
Typically, OPEC+, an alliance composed of the Organization of Petroleum Exporting Countries and allies spearheaded by Russia, manipulates global oil and gas prices through their strategic decisions on production rates. This profound influence stems from the group's control over a significant portion of the world's crude oil reserves, which allows them to dictate the supply side of the market equation. Recent fluctuations in prices are often heavily influenced by their meetings and resolutions. In fact, every decision made by OPEC+ reverberates throughout the international oil and gas 360.