OPEC isn’t slowing production down
Friday, June 3, 2016
At the recent summit that ended June 2, OPEC leaders did not agree to lower daily oil output, according to CNN Money. Currently, the daily output averages 32.77 million barrels.
Saudi Arabia Energy Minister Khalid Al Falih presented a proposal at the summit that would limit OPEC’s oil output to 31.8 million-32.5 million barrels per day. This proposal was not accepted.
Since November 2014, OPEC has steadily produced oil while prices have slumped in an effort to control market share. This has caused American drillers other non-OPEC countries to scale back their operations.
Read more: CNN Money > OPEC again fails to agree on oil output ceiling
Related
- Oil prices reach $50 per barrel for first time in seven months — May 27, 2016
- Possible agreement made for producers to curb oil production — Feb. 16, 2016
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