| The member countries of OPEC decided on June 5 to continue their current oil production rate, and see what happens to oil prices. It is a strategy that many analysts believe will put more downward pressure on crude oil prices, which will create more pain for U.S. oil producers, and result in an increase in market share for OPEC.
Already the average price of West Texas crude oil has declined from $97.46 during the month of September 2014 to a low of $45.90 for the month of February 2015 following OPEC’s first announcement in November that it would continue its production target of 30 million barrels per day (b/d)...............................................Full Article: Source
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