According to him, recently, Nigeria’s OPEC quota was reduced from 1.742 million barrels per day to 1.38 million barrels per day.

Source: https://www.nationalaccordnewspaper.com/nigeria-lost-n16-25trn-to-crude-oil-theft-in-11-years-speaker/

According to OPEC August report, Nigeria’s crude grade, Bonny Light, against which all other crude grades produced by the country were priced, was sold for $80 per barrel in July.

Source: https://punchng.com/fg-loses-n1-9tn-to-oil-theft-in-july-report/

A dozen oil-producing countries’ ability to remove that much oil from the market almost overnight is what OPEC and OPEC+ were designed to do: facilitate cooperation between oil-rich countries and maximize profits.

Source: https://fortune.com/2023/04/03/opec-plus-oil-production-cut-global-pricing-power-goldman/

A dozen oil-producing countries’ ability to remove that much oil from the market almost overnight is what OPEC and OPEC+ were designed to do: facilitate cooperation between oil-rich countries and maximize profits.

Source: https://fortune.com/2023/04/03/opec-plus-oil-production-cut-global-pricing-power-goldman/

A major contributor to the share price increase was the surprise decision by OPEC+ to cut oil production by a combined 1.16 million bbl/day.

Source: https://seekingalpha.com/article/4592969-the-retirees-dividend-portfolio-john-and-janes-march-2023-taxable-account-update?source=feed_all_articles

A view of logo of the Organization of the Petroleum Exporting Countries (OPEC) at their headquarters in Vienna, Austria, June 2, 2023.

Source: https://business.inquirer.net/433261/opec-postpones-policy-meeting-to-nov-30-oil-falls

But then as a late April Fools prank, OPEC+ made a fool of me and other oil bears by announcing a surprise production cut of barrels from May 2023.

Source: https://seekingalpha.com/article/4593596-petrobras-i-was-wrong-im-changing-my-mind?source=feed_all_articles

But they are less exposed this time around given the rise of the US as a producer and an OPEC that claims to be less political.

Source: https://www.al-monitor.com/originals/2023/10/israel-hamas-war-what-risks-face-energy-sector

“Consider a bullish scenario where OPEC+ keeps the 2023 cuts…fully in place through end-2024 and where Saudi Arabia only gradually raises production,” analysts at Goldman Sachs wrote in the report.

Source: https://www.lewrockwell.com/2023/10/david-stockman/why-the-monetary-mission-should-be-left-to-the-free-market/

Crude Oil is consolidating near key levels ahead of the OPEC+ meeting.

Source: https://www.forexlive.com/technical-analysis/wti-crude-oil-technical-analysis-20231129/

“Despite the challenges, we still expect OPEC+ to reach an agreement to reduce production," he said in an analyst note.

Source: https://www.denver7.com/news/u-s-world/opec-suppliers-struggle-to-agree-on-cuts-to-oil-production-even-as-prices-tumble

Energy think tank the Africa Centre for Energy Policy (ACEP) has expressed fears that prices of fuel may go up after Saudi Arabia and other OPEC+ oil producers on Sunday announced further oil output cuts of around 1.16 million barrels per day.

Source: https://www.ghanamma.com/2023/04/04/acep-fears-prices-of-fuel-will-go-up-after-opec-announced-oil-output-cuts/

Former US president Al Gore this “obsequious draft reads as if OPEC dictated it word for word”.

Source: https://www.greenleft.org.au/content/cop28-failure-means-australia-shouldnt-wait-phase-out-fossil-fuels

For the past five years, Russia, along with Saudi Arabia, has been a co-leader of OPEC Plus, the oil producers’ group that has banded together to try to manage the oil market.

Source: https://www.nytimes.com/2023/02/10/business/russian-oil-price-sanctions.html

“Fuel demand is holding steady, while the recent announcement by OPEC+ that crude oil production cuts will continue is also playing havoc with the market.”

Source: https://www.eastidahonews.com/2023/08/idaho-gas-prices-surge-for-dog-days-of-summer/

IEA: OPEC+ cuts could push crude and product prices higherfinancialjuice.

Source: https://biztoc.com/x/037103c5701dc592?ref=ff

In 2023, new project starts in the Americas, especially in Brazil and Guyana, is expected to more than offset the cut in OPEC+ supply.

Source: https://www.thehindubusinessline.com/portfolio/big-story/big-story-will-oil-hit-100-a-barrel/article67442224.ece

Iran, though a member of OPEC, almost made up the difference.

Source: https://247wallst.com/energy-economy/2023/10/11/hamas-israel-war-a-battle-over-oil/

Iraq, the second largest producer within the Organization of the Petroleum Exporting Countries (OPEC), exports an average of 3.3 million barrels of oil per day.

Source: https://www.al-monitor.com/originals/2023/04/iraq-launches-new-oil-refinery-reduce-imports

LONDON -Oil prices fell on Thursday after Russian Deputy Prime Minister Alexander Novak played down the prospect of further OPEC+ production cuts at its meeting next week.

Source: https://business.inquirer.net/402641/oil-eases-as-russia-downplays-additional-opec-cuts