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Reduction in oil production
October 11 , 2022
770 days
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- OPEC+ decided to cut oil production by 2 million barrels per day (bpd).
- This is the largest cut since the beginning of the Covid-19 pandemic.
- OPEC was established in 1960 by founding members Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.
- OPEC has since expanded and now has 13 member states.
- With the addition of another 11 allied major oil-producing countries that include Russia, the grouping is known as OPEC+.
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