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OPEC

Setback to OPEC

In an unexpected move, Angola has decided to part ways with the Organisation of Petroleum Exporting Countries (OPEC), sending ripples through the intricate web of global oil alliances.

Oil dynamics

At the heart of the matter is the quest for stability in global oil markets.

Oil prices rise as OPEC+ agrees to large output cut

The West Texas Intermediate for November delivery increased 1.24 US dollars, or 1.4 per cent, to settle at 87.76 dollars a barrel on the New York Mercantile Exchange. Brent crude for December delivery added 1.57 dollars, or 1.7 per cent, to settle at 93.37 dollars a barrel on the London ICE Futures Exchange.

OPEC announces big cut in oil production

OPEC+ said on Wednesday that it will slash oil production by 2 million barrels per day, the biggest cut since the start of the Covid-19 pandemic, media reports said.

Oil prices rise over 1% after falling to 9-month low the previous day

Oil prices rose more than 1 per cent on Tuesday after declining to a nine-month low a day earlier, amid the hint that the Organization of the Petroleum Exporting Countries (Opec+) -- the producer alliance -- may go for output reductions to prevent further collapse in prices.