| The Organization of the Petroleum Exporting Countries is moving to rein in costs as its members struggle to pay their dues amid a protracted period of low oil prices, OPEC officials said. The Vienna-based producers’ group has delayed new hires, reduced training sessions for staff and scaled back travel. OPEC has also ruled out for now an increase in the $2.4 million annual fee that each member pays to be part of the group, officials said.
“We are like an oil company,” one OPEC staffer said, referring to the cost cuts rippling through the entire oil industry as prices for crude linger below $50 a barrel for the longest sustained period since the financial crisis...............................................Full Article: Source
|