What the OPEC+ cuts mean - A brief FAQ

OPEC+ cut production quotas of 2 million barrels per day but the actual cut to production is 800,000 barrels per day

There’s been a lot of discussion in the last few days about the OPEC+ meeting. This was the first time they had a meeting in person since the pandemic and it all came about at quite short notice. We knew they were going to make a big decision on the oil production quotas the moment they decided to meet in Vienna instead of having a virtual session.