WORLD HISTORY

Detailed explanation-1: -Explained: OPEC+ Oil Production Cuts, Concerns Over Price Hike, And How Is The World Reacting. Oil prices have started to rise with the announcement of OPEC+ countries to reduce oil production. Lower supply would result in higher prices, which would worsen situations in countries already reeling under inflation.

Detailed explanation-2: -Understanding OPEC and Oil Prices In particular, OPEC’s largest producer of crude oil, Saudi Arabia, has the most frequent effect on oil prices. Historically, crude oil prices have seen increases in times when OPEC production targets are reduced.

Detailed explanation-3: -Its members meet regularly to coordinate how much crude oil to sell collectively on global markets. “OPEC+ tailors supply and demand to balance the market, ” Kate Dourian of UK industry body the Energy Institute told the BBC. “They keep prices high by lowering supplies when the demand for oil slumps."

Detailed explanation-4: -OPEC+ regulates the supply of oil to influence the price of the commodity on the world market. The group can achieve this by coordinating supply cuts when the price is deemed too low and supply increases when its members believe prices are too high.

Detailed explanation-5: -CAPE TOWN, Oct 18 (Reuters)-The OPEC+ oil producers group moved unanimously to cut output to prevent a crisis and stem a tide of volatility, OPEC’s secretary-general told an energy conference in South Africa on Tuesday.