| OPEC (Organization of the Petroleum Exporting Countries) produces 40% of the global crude oil production. It has a 60% share in global crude oil exports. OPEC member nations produced 31.2 MMbpd (million barrels per day) of crude oil in May 2015—compared to its target of 30 MMbpd.
On June 5, 2015, OPEC decided to maintain its collective output target of 30 MMbpd of crude oil for the next six months. The consensus of a massive production strategy will drive crude oil prices lower. Lower oil prices impact US shale oil producers like Whiting Petroleum (WLL), Continental Resources (CLR), and Marathon Oil (MRO). They also impact oil and gas ETFs like the SPDR S&P Oil & Gas Exploration & Production ETF (XOP) and the Select Sector SPDR Fund ETF (XLE)...............................................Full Article: Source
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