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Saudi Arabia Won’t Cut Production to Bolster Oil Prices
Saudi Arabia insists it won't cut oil output to stabilize prices even if producers outside the Organization of Petroleum Exporting Countries decide to do so.
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Saudi Arabia insists it won't cut oil output to stabilize prices even if producers outside the Organization of Petroleum Exporting Countries decide to do so.
OPEC reiterates it will maintain its production quota of 30 million barrels of crude per day to protect its 40% market share. The cartel's aim is to force the global market to stabilize prices through production cuts elsewhere.
OPEC's declaration comes as its secretary-general predicts oil prices may not rebound until the second half of 2015. Oil futures have lost half their value in the past six months.
Global demand for oil is widely expected to shrink in 2015 because of slow overall economic growth and a rising supply of petroleum from U.S. shale.
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