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Oil Prices Drop as OPEC Prepares to Hike Production
Oil futures fell roughly $3 per barrel today as OPEC and its allies prepare to increase production after an 18-month-long cutback designed to end a global glut of petroleum.
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Oil futures fell roughly $3 per barrel today as OPEC and its allies prepare to increase production after an 18-month-long cutback designed to end a global glut of petroleum.
Oil prices have climbed 40% since the beginning of 2016. That is when the Organization of the Petroleum Exporting Countries, along with Russia and other independent producers, agreed to trim their output by about 4%, or 1.8 million barrels per day.
Levels earlier this week were at a three-year high. Prices have been driven up in part by a collapse in supplies from Venezuela and the likelihood of a downturn for Iran. But prices of the global standard (Brent crude) and U.S. benchmark (West Texas Intermediate) fell by 3% ($2.67) and 5% ($3.15), respectively.
Reports say the producers plan to boost daily output by as much as 1 million barrels now that worldwide inventories are considered balanced with demand.
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