„I applaud OPEC-plus for reaching an important agreement that comes at a crucial time when oil demand is recovering and economies around the world are reopening,“ U.S. Energy Secretary Dan Brouillette wrote on Twitter after the extension. At different times, OPEC members have demonstrated manifestly anti-competitive behavior through the organization`s agreements on oil production and price levels. [144] Indeed, economists often cite OPEC as an example of a cartel that collaborates to reduce competition in the market, as stated in the OECD Glossary on Economics and Competition Law of the Industrial Organization:[1] Iraq, with one of the worst execution rates in May, agreed to further cuts, although it is unclear how Baghdad would reach an agreement with oil companies to stem production. Iraqi. [OPEC/O] In line with the initial agreement reached on April 12 by the combined producer group, known as OPEC Plus, production is expected to increase gradually after June. Oil ministers from the Organization of the Petroleum Exporting Countries and other Russian-led producers met by video conference on Saturday and reached an agreement to further reduce 9.7 million barrels a day — or about 10 percent of global production in normal times — by July, OPEC said in a press release. In the 1990s, OPEC lost its two youngest members, who had joined in the mid-1970s. Ecuador withdrew in December 1992 because it was unwilling to pay the $2 million annual fee and felt it needed to produce more oil than was allowed by the OPEC quota,[65] although it rejoined in October 2007.

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