| Analysts are making their predictions for what OPEC members will do at their semi-annual meeting on June 5 and none of it looks good for U.S. oil companies. OPEC is not exactly a transparent institution and members engage in all kinds of psychological warfare before they meet behind closed doors. But the one thing everyone seems to agree on is that the 12-nation cartel is not going to reduce output.
Cutting back on oil production now would eliminate all the gains the cartel has made in the past year. Maintaining output of about 30 million barrels a day in light of new supply coming from higher-cost producers has sent price dramatically lower...........................................Full Article: Source
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