As if prices aren’t high enough already, OPEC (Organization of Petroleum Exporting Countries) announced at its annual meeting that they will continue current production cuts (5.8 million barrels per day total) through September, thereafter to 3.66 million barrels daily.
OPINION: When OPEC Quotas Don’t Matter Anymore
Lost in much of the discussion about the current global deficit of crude oil is a new reality that had been brewing for some time even before the Iran Conflict began on March 1: The fact that OPEC — and its bigger sister, OPEC+ — has lost its teeth. Worse for its member nations, the … Read more