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BBCNEWS World Business Report July 6, 2024

after the world s largest exporters announced surprise cuts in production. saudi arabia and other opec plus oil producers announce output cuts of about 1.1 million barrels a day. saudi arabia said the move was aimed at stabilising the market. let s take a look now at oil prices. quite like you get a sense of that rise up sharply. it is the second time that the cartel has slashed production. the group also did so in october of last year, cutting output by 2 million barrels per day. let s discuss this in more detail with spencher welch, oil analyst at s&p global. we said there are a surprise cut in production. we have in getting used to prices falling as the nervousness around the world economy continues. what does this tell us about what opec is thinking? it what does this tell us about what opec is thinking? what does this tell us about what opec is thinking? it shows they are not ha - opec is thinking? it shows they are not happy with opec is thinking? it shows they are n ....

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BBCNEWS World Business Report June 4, 2024 10:33:00

The reality is the actual physical cut has been about 20% of that, about half a million barrels per day. we don t expect all those newly announced i.i day. we don t expect all those newly announced 1.1 million cut to become announced 1.1 million cut to become a reality, but it certainly indicates an intention, and as you said, it indicates a nervousness about the markets. we have had the banking wobbles, which have had a knock on on oil prices, and opec are continuing their previous message that they would like to see prices higher than they are at present. {iii higher than they are at present. of course, day to day moves don t really affect the prices we pay at the pump. if they stay at these persistently high prices, that will start to have an effect on the economy too, want it, as all the start to pay more? it economy too, want it, as all the start to pay more? ....

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