The Organization of the Petroleum Exporting Countries (OPEC) has drastically cut the daily production of oil by 2.2 million barrels per day (bpd). In a decision reached in Oran, Algeria, energy ministers from all 12 OPEC members agreed to make the largest cut in OPEC’s history.
Oil prices have fallen from a high of $140 in July to just around $40; a decrease of $100. OPEC has cut 4.2 million bpd since September, when the price of oil decreased suddenly over fears of a global recession and lower usage of oil.
With this new decrease, production by OPEC members will be 24.845 million bpd. Saudi Arabia is taking the majority of the cut by decreasing their production by 1.2 bpd. Read the rest of this entry »
Posted by FormaeMentis 
