stability
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The Recent OPEC+ Decision on Oil Production: Implications for Global Market Stability
SHANA (Tehran) - OPEC+, a key coalition of oil producers, has been instrumental in maintaining global oil market stability. In April and November 2023, eight members include, Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman, voluntarily cut production by 2.2 million barrels per day (bpd) to counter demand fluctuations. As economic conditions improved and oil inventories declined, the group decided in December 2024 to gradually restore these cuts starting April 2025.
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OPEC+ oil, energy ministers underline market stability
SHANA (Vienna) – OPEC and OPEC+ oil and energy ministers here on Wednesday stressed the need for maintaining the oil market stability.