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OPEC Plus and global energy stability
The article discusses the failure of OPEC Plus to compensate for the shortage in the global oil market caused by the closure of the Strait of Hormuz due to the Middle East war. It notes that the organization's production decreased from around 43 million barrels per day in February to approximately 33 million barrels in April. The report indicates that the organization's efforts to stabilize the market encounter obstacles, especially with the UAE withdrawing and the increasing likelihood of other members, such as Iraq, exiting. Additionally, the unused production capacities of Gulf countries remain a barrier, despite the rise in oil prices following the outbreak of war.
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