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The Real Reason OPEC Is Cutting Oil Production | This Will Shock You!
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OPEC's Secret Oil Price Strategy Exposed | Prepare To Be Shocked
#energy #oil #gas
In a recent update in the world of oil, OPEC, a group of countries that sell lots of oil, along with some friends like Russia, decided to make even more cuts to how much oil they're making. They did this because they want to keep the prices stable and stop them from going up and down too much.
In November 2023, OPEC and its buddies said they would cut back on making oil by an extra 2.2 million barrels every day. This adds to the cuts they were already making. Altogether, this means they're making 3.66 million fewer barrels of oil each day. That's about 3.7% of all the oil people around the world want, starting from January 2024.
If You Like This Video; Like, Share, Comment And Subscribe. This Means A Lot To Us!
Thanks For Watching Our Video; OPEC's Secret Oil Price Strategy Exposed | Prepare To Be Shocked
The main countries doing these cuts are Saudi Arabia and Russia. Saudi Arabia is keeping up with the cuts it promised before, and Russia is cutting back by 500,000 barrels every day. Other countries like Iraq, Kuwait, and the UAE also said they would make less oil.
The reason for all these cuts is to keep oil prices from dropping too low. People worry that if the prices go down, it could hurt the economy and make it hard for countries to plan. OPEC and its friends want to avoid having too much oil around in 2024, so they're trying to keep things stable by making less oil.
These cuts will last until the end of 2024. OPEC said they're worried about the economy not doing so well and people not wanting as much oil as before, which is why they're doing this. But not everyone is happy about these cuts. Some big countries that buy a lot of oil, like the United States, think these cuts could make prices go up too much. They're worried this could lead to higher prices for everything and slow down the economy.
Now, let's take a closer look at why OPEC is doing all this. OPEC makes these decisions based on both money and politics. Firstly, OPEC wants to make sure its countries make enough money from selling oil, so they try to keep prices stable. But this can be hard because the amount of oil people want can change a lot. Sometimes there's too much oil, so prices drop, and OPEC has to make less to keep prices up. Other times, prices go up too much, so OPEC makes more oil to keep prices down.
Another reason OPEC makes these decisions is because of politics. Some countries in OPEC use it to show off their power or get what they want. For example, in 1973, some Arab countries in OPEC stopped selling oil to countries that supported Israel to show they were angry. This made oil prices go up a lot and hurt those countries.
And inside OPEC, there are power struggles too. Saudi Arabia is the biggest producer and kind of leads the group, but other countries also want to have a say. Sometimes, they don't agree, and it causes problems. So, even though OPEC tries to help keep oil prices stable, they also have to think about money and power when they make decisions.
OPEC stands for the Organization of the Petroleum Exporting Countries. It's made up of 13 countries that sell a lot of oil. They started working together in 1960 and have their main office in Vienna, Austria. OPEC's job is to make sure oil prices stay fair and don't change too much.
OPEC is a big deal in the oil world because it decides how much oil its members can sell. By doing this, it tries to make sure there's enough oil for everyone who wants it, but not too much that prices drop too low. OPEC's decisions can affect the whole world because oil is really important for lots of things, like making electricity and running cars.
Before OPEC, a few big Western companies controlled most of the oil market. But when OPEC started, it wanted to give power back to the countries that had oil. In the 1970s, OPEC showed how powerful it could be when some of its members stopped selling oil to other countries. This made oil prices go up a lot and caused problems around the world.
After this, many countries decided to control their own oil instead of letting foreign companies do it. But over time, OPEC has had some problems, like disagreements between its members and competition from other countries, like Russia and the United States. Even though OPEC isn't as powerful as it used to be, it still has a big impact on the oil market. By working together, OPEC can make sure oil prices don't change too much, which helps everyone who buys and sells oil.
More Details In The Video
#energy #oil #gas
In a recent update in the world of oil, OPEC, a group of countries that sell lots of oil, along with some friends like Russia, decided to make even more cuts to how much oil they're making. They did this because they want to keep the prices stable and stop them from going up and down too much.
In November 2023, OPEC and its buddies said they would cut back on making oil by an extra 2.2 million barrels every day. This adds to the cuts they were already making. Altogether, this means they're making 3.66 million fewer barrels of oil each day. That's about 3.7% of all the oil people around the world want, starting from January 2024.
If You Like This Video; Like, Share, Comment And Subscribe. This Means A Lot To Us!
Thanks For Watching Our Video; OPEC's Secret Oil Price Strategy Exposed | Prepare To Be Shocked
The main countries doing these cuts are Saudi Arabia and Russia. Saudi Arabia is keeping up with the cuts it promised before, and Russia is cutting back by 500,000 barrels every day. Other countries like Iraq, Kuwait, and the UAE also said they would make less oil.
The reason for all these cuts is to keep oil prices from dropping too low. People worry that if the prices go down, it could hurt the economy and make it hard for countries to plan. OPEC and its friends want to avoid having too much oil around in 2024, so they're trying to keep things stable by making less oil.
These cuts will last until the end of 2024. OPEC said they're worried about the economy not doing so well and people not wanting as much oil as before, which is why they're doing this. But not everyone is happy about these cuts. Some big countries that buy a lot of oil, like the United States, think these cuts could make prices go up too much. They're worried this could lead to higher prices for everything and slow down the economy.
Now, let's take a closer look at why OPEC is doing all this. OPEC makes these decisions based on both money and politics. Firstly, OPEC wants to make sure its countries make enough money from selling oil, so they try to keep prices stable. But this can be hard because the amount of oil people want can change a lot. Sometimes there's too much oil, so prices drop, and OPEC has to make less to keep prices up. Other times, prices go up too much, so OPEC makes more oil to keep prices down.
Another reason OPEC makes these decisions is because of politics. Some countries in OPEC use it to show off their power or get what they want. For example, in 1973, some Arab countries in OPEC stopped selling oil to countries that supported Israel to show they were angry. This made oil prices go up a lot and hurt those countries.
And inside OPEC, there are power struggles too. Saudi Arabia is the biggest producer and kind of leads the group, but other countries also want to have a say. Sometimes, they don't agree, and it causes problems. So, even though OPEC tries to help keep oil prices stable, they also have to think about money and power when they make decisions.
OPEC stands for the Organization of the Petroleum Exporting Countries. It's made up of 13 countries that sell a lot of oil. They started working together in 1960 and have their main office in Vienna, Austria. OPEC's job is to make sure oil prices stay fair and don't change too much.
OPEC is a big deal in the oil world because it decides how much oil its members can sell. By doing this, it tries to make sure there's enough oil for everyone who wants it, but not too much that prices drop too low. OPEC's decisions can affect the whole world because oil is really important for lots of things, like making electricity and running cars.
Before OPEC, a few big Western companies controlled most of the oil market. But when OPEC started, it wanted to give power back to the countries that had oil. In the 1970s, OPEC showed how powerful it could be when some of its members stopped selling oil to other countries. This made oil prices go up a lot and caused problems around the world.
After this, many countries decided to control their own oil instead of letting foreign companies do it. But over time, OPEC has had some problems, like disagreements between its members and competition from other countries, like Russia and the United States. Even though OPEC isn't as powerful as it used to be, it still has a big impact on the oil market. By working together, OPEC can make sure oil prices don't change too much, which helps everyone who buys and sells oil.
More Details In The Video
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