OPEC Meeting: Are The Cartel’s Days Numbered? Chances Of Production Cut Deal Appear Slim As Individual National Interests Trump Unity
November 29, 2016
OPEC, which for decades controlled global oil production, appeared to be losing its grip ahead of Wednesday’s scheduled meeting in Vienna to freeze or reduce output and prop up prices.
Some members of the Organization of Petroleum Exporting Countries have been trying to convince the rest to cut production to boost oil prices, which are half of what they were in 2014, currently hovering in the mid-$40 a barrel, the result of an oil glut.