Some of the world’s largest oil exporters shocked markets over the weekend by announcing that they would cut oil production by more than 1.6 million barrels a day. OPEC+, an alliance between the OPEC and Russia are set to meet as the war continues to roil the oil market. Big producers seem to be sticking to modest output raises and alliance with Russia. 38. Oil storage tanks operated by OPEC hasn’t been able to exert more control over oil prices partly because of competition from the U.S., said Mark Finley, a fellow at Rice University’s Baker Institute. “Opec’s market share probably grows from like 30 per cent today to somewhere closer to 50 per cent. The world is going back to what we had in the ‘70s and the ‘80s unless we do something US crude oil exports set a new record earlier this year as booming production has helped erode OPEC's dominance in global crude markets. Exports in the first half of 2023 averaged 3.99 million Of the Non-OPEC producers, only Brazil, the U.S., Norway, and Guyana are likely to increase production in 2022. The oil price rally appears to be cooling off, with oil prices pulling back but 7b0y. OPEC producers' unexpected 1.15 million barrel per day production cut could lift global oil prices by $10 per barrel, the head of investment firm Pickering Energy Partners said on Sunday. LONDON (Reuters) - OPEC and its allies, including Russia, agreed on Sunday to widen crude oil production cuts to 3.66 million barrels per day (bpd) or 3.7% of global demand. The surprise OPEC+ will convene to decide next steps in production policy on Thursday, in a postponed virtual meeting overshadowed by internal disgruntlement. All eyes have now turned on whether the OPEC What does OPEC do? Broadly speaking, OPEC has three main goals. 1. Keep Oil Prices Stable. The first is to keep oil prices stable by coordinating its members’ oil production through quotas. The theory is that by controlling supply, OPEC will be able to have greater influence over the price of oil on the world market. 2. Reduce Oil Price October 6, 2022, 5:06 AM. Welcome to today’s Morning Brief, where we’re looking at OPEC’s decision to curtail oil production, Iran’s growing dissent, and Yemen’s expired truce. Christina

what does opec do today