The OPEC+ decides to withdraw Output Cut
Recently, OPEC and its allies led by Russia agreed to gradually withdraw COVID-19 related production cuts by September 2022.
Background
- In April 2020, the OPEC+ group had entered into a two-year agreement which entailed steep cuts in crude oil production to deal with a sharp fall in the price of crude oil as a result of the COVID-19 pandemic.
- Back in April 2020, the price of Brent crude hit an 18-year low of under $20 per barrel as economic activity around the world came to a standstill as countries dealt with the COVID-19 pandemic.
The New Deal
- OPEC+ will increase ....
Do You Want to Read More?
Subscribe Now
Take Annual Subscription and get the following Advantage
The annual members of the Civil Services Chronicle can read the monthly content of the magazine as well as the Chronicle magazine archives.
Readers can study all the material before the last six months of the Civil Services Chronicle monthly issue in the form of Chronicle magazine archives.
Related Content
- 1 Golden Dome
- 2 Operation Gideon’s Chariots
- 3 USTR Special 301 Report Flags India’s IP Challenges
- 4 India-Belgium: Boosting Trade and Strategic Investments
- 5 India and Denmark Renew MoU on Clean Energy Cooperation
- 6 India Assumes APO Chairmanship for 2025–26
- 7 UK Transfers Sovereignty of Chagos Islands to Mauritius
- 8 US-Ukrainian Deal Grants Preferential Mineral Access to US
- 9 Algeria Joins New Development Bank
- 10 Nicaragua Withdraws from UNESCO
