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Commodities Briefing - Categorized | Oil, Price Watch more

OPEC needs to cut production to prevent falling oil prices

Posted on 23 July 2013

The Organization of Petroleum Exporting Countries (OPEC) needs to cut its crude oil production later this year in order to prevent sharp price drops, a report by Kuwait’s leading bank said.
The National Bank of Kuwait said that “to prevent prices from falling too far below the organization’s unofficial $100/barrel target level,” production had to be cut. The bank did not specify how much production needed to be cut or how much oil prices would fall if OPEC did not act………………………………………..Full Article: Source


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