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30/11/2016 OPEC agrees to first oil cuts in 8 years

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OPEC agrees to cut oil product for first time in 8 years

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Why OPEC is cutting oil production

As the OPEC members grew weary of a multi-year supply contest with diminishing returns and shrinking financial reserves, the organization finally attempted its first production cut since 2008. Despite many political obstacles, a decision to trim approximately 1 million barrels per day was codified by a new quota agreement at the OPEC conference.
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    • Essentials 

    • Post-WWII situation 

    • 1959–1960 anger from exporting countries 

    • 1960–1975 founding and expansion 

    • 1973–1974 oil embargo 

    • 1975–1980 Special Fund, now OFID 

    • 1975 hostage siege 

    • 1979–1980 oil crisis and 1980s oil glut 

    • 1990–2003 ample supply and modest disruptions 

    • 2003–2011 volatility 

    • 2008 production dispute 

    • 2014–2017 oil glut 

    • 2017–2020 production cut and OPEC+ 

    • 2020 Saudi-Russian price war 

    • Current member countries 

    • Lapsed members 

    • Observers 

    • Vienna Group 

    • Leadership and decision-making 

    • International cartel 

    • Conflicts 

    • Publications and research 

    • Crude oil benchmarks