Tag: oilmarket

The Organization of the Petroleum Exporting Countries and allied producers (OPEC+) surprised the market by announcing a major cut in their oil production starting May this year. Saudi Arabia and others will cut 1.16 million barrels per day (bpd), joining Russia’s current cut of 500,000bpd. The cuts are set to last through the end of this year, barring future adjustments.The decision by OPEC+has major political and economic dimensions – and consequences. Clean-tech investments, however, display robust growth.