30 Nov '14, 5pm

OPEC Maintains Production Output Despite Falling Oil Prices - ^TS

OPEC Maintains Production Output Despite Falling Oil Prices - ^TS

Reportedly "ready to respond" if situation changes Tim Smith - CleanMPG - Nov. 27, 2014 I dug up this image from 2009. Do these prices look familiar? Think they'll last? --Ed. According to an OPEC press release, the cartel has agreed that oil production from member countries will remain steady at 30.0 million barrels per day despite recent oil price falls. An interest in "restoring market equilibrium" was cited as a key reason not to alter rates of production. This comes despite the organization's own characterization of the market as being "well supplied," having estimated that growth in oil consumption during 2015 will be met by increased output from non-member countries. Oil prices have dropped sharply during the second half of 2014, reaching four-year lows. Brent Crude reached a peak of $115/bbl in late June before beginning a steady decline to the current price of jus...

Full article: http://www.cleanmpg.com/forums/showthread.php?t=51102

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