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
To get access to detailed content
Buy September 2021 Issue

Already a Member? Login here

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.
Be an Annual Subscriber

Related Content

World Watch