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Can OPEC still swing global oil prices? We’re about to find out

Posted on 30 November 2016

Two years ago, global oil prices crashed after the world started pumping out far more crude than anyone needed. That plunge, from $100 per barrel down to $45 per barrel, completely upended the global economy — and cost oil producers like Saudi Arabia billions of dollars in lost revenue.
Now those oil producers have had enough. This Wednesday in Vienna, the Organization of the Petroleum Exporting Countries will try to reach a deal to cut back sharply on oil production in order to raise global prices. (OPEC is a cartel of 14 major oil exporters, including Saudi Arabia, Iran, and Iraq, that account for 40 percent of global production.)……………………………………….Full Article: Source


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