OPEC to keep oil flowing as price recovers

0

VIENNA: Organization of the Petroleum Exporting Countries (OPEC) was expected on Thursday to keep the oil gushing as a modest recovery in the crude price eases pressure on a cartel riven by Iranian-Saudi rivalry to cut output.

Advertisements

Traditionally the OPEC, holding its bi-annual meeting in Vienna, has cut production to boost prices.

But in the most recent drop, which has seen oil tumble from over $100 in 2014 to close to $25 in January, OPEC—driven by kingpin Saudi Arabia—has changed tack.

Experts say the 13-nation group has kept the oil flowing in order to squeeze competitors — particularly US shale oil producers—and retain market share.

AFP

Share.
loading...
Loading...

Please follow our commenting guidelines.

Comments are closed.