{"id":312307,"date":"2024-10-03T21:38:45","date_gmt":"2024-10-03T16:08:45","guid":{"rendered":"https:\/\/forumias.com\/blog\/?p=312307"},"modified":"2024-10-04T21:42:56","modified_gmt":"2024-10-04T16:12:56","slug":"saudi-minister-warns-of-50-oil-as-opec-members-flout-production-curbs","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/saudi-minister-warns-of-50-oil-as-opec-members-flout-production-curbs\/","title":{"rendered":"Saudi Minister warns of $50 oil as OPEC+ members flout production curbs"},"content":{"rendered":"<p><strong>News:<\/strong> <em>The Saudi Minister has said that prices could drop as low as $50 per barrel if so-called cheaters within OPEC+ don\u2019t stick to agree upon production limits, according to the delegates in the cartel.<\/em><\/p>\n<p>1. Organisation of Petroleum Exporting Countries (OPEC): It is an intergovernmental organisation that was established in Baghdad in 1960 by 5 countries namely Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.<\/p>\n<p>2. OPEC was formed with an objective to coordinate and unify petroleum policies among member countries.<\/p>\n<p>2. Its membership has expanded to include 12 countries which account for almost 30% of world\u2019s oil.<\/p>\n<p>3. OPEC is headquartered in Vienna, Austria.<\/p>\n<p>4. Organisation of Petroleum Exporting Countries Plus (OPEC+): In 2016, OPEC signed an agreement with 10 of the world\u2019s leading non-OPEC oil exporters, including Russia, leading to the formation of OPEC+.<\/p>\n<p>5. OPEC+ was formed as a response to falling crude oil prices, driven by significant increases in US shale oil output.<\/p>\n<p>6. OPEC+ main objective is to regulate the supply of the oil to the global market and its crude output accounts for about 41% of global oil production<\/p>\n","protected":false},"excerpt":{"rendered":"<p>News: The Saudi Minister has said that prices could drop as low as $50 per barrel if so-called cheaters within OPEC+ don\u2019t stick to agree upon production limits, according to the delegates in the cartel. 1. Organisation of Petroleum Exporting Countries (OPEC): It is an intergovernmental organisation that was established in Baghdad in 1960 by&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/saudi-minister-warns-of-50-oil-as-opec-members-flout-production-curbs\/\">Continue reading <span class=\"screen-reader-text\">Saudi Minister warns of $50 oil as OPEC+ members flout production curbs<\/span><\/a><\/p>\n","protected":false},"author":10357,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[12039],"tags":[],"class_list":["post-312307","post","type-post","status-publish","format-standard","hentry","category-knolls","entry"],"jetpack_featured_media_url":"","views":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/312307","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10357"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=312307"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/312307\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=312307"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=312307"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=312307"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}