OPEC rears its stubborn head once again.
Members met today in order to resolve issues with production limits in order to keep certain oil-producing countries afloat, as the number is a bit high for some of them to keep up.
Of course, as many predicted, OPEC has failed to set any new production limits at this important meeting.
Rather than cut output, like many smaller OPEC members were pushing for, Saudi Arabia once again muscled its way through the meeting, and forcing the oil cartel to maintain output levels.
And with the market being horrifically oversupplied, this decision will drive oil prices even lower, further exacerbating storage issues.
Not surprisingly, the decision has put more pressue on crude prices, ultimately delaying any hopes for a short-term recovery in the oil market.
The reason for this decision?
Well, OPEC’s secretary general says there was no consensus on how much oil Iran will add to the market next year due to the pending lift of sanctions.
Iran has stated that it plans to increase oil output by at least one million bpd.
Naturally, this doesn’t help the glut that’s already plaguing the global market.
Until next time,
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