Opec Output Pact Proposal

Syllabus: Context: The latest round of meetings among the opec+ group of oil-exporting countries has stalled. Background: The opec+ group of countries had, in april 2020, entered into a two-year agreement. It entailed steep cuts in crude production to deal with a sharp fall in the price of oil as a result of the covid-19 pandemic. The price of brent crude hit an 18-year low of under $20 per barrel in april 2020 as economic activity around the world crashed as countries dealt with the pandemic. The initial production cut by opec+ was about 10 million barrels per day or about 22 per....Read More