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OPEC Again Fails to Cap Oil Production
The Organization of the Petroleum Exporting Countries has again declined to set output limits for its members.
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The Organization of the Petroleum Exporting Countries has again declined to set output limits for its members. But oil prices rose anyway on reports that the global glut is subsiding.
In a meeting in Vienna earlier today, the cartel pledged its commitment to stability in the global oil market. Saudi Arabia, the group’s largest member, also vowed to be “very gentle” in its future output to avoid shocks. OPEC’s smaller members have resisted curbs, because weak oil prices have hurt their income.
OPEC, which accounts for 40% of the world’s oil production, says global output peaked in 2015, then fell by 1 million barrels per day. The cartel predicts output will decline by another 740,000 barrels per day this year.
The group says global demand for petroleum will expand by 1.2 million barrels per day in 2016, down from 1.5 mb/d growth last year. Since December, oil futures have climbed more than 80% to about $50 per barrel, but prices are well below the $115 peak reached 24 months ago.
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