| From Resourceinvestor.com: According to officials from OPEC members Qatar, Kuwait, Iran and Venezuela, the main reason is to counter the ongoing decline of the global oil price. It’s premised on the assessment that there is too much crude oil in the market.
However, evaluations of mainstream oil consultancies are showing that no real demand deficit exists at present. British and Dutch oil analysts are stating that OPEC's move is just a move to increase current price levels. Some OPEC officials have indicated that an oil price between $70 and $90 per barrel is the target. Officially, OPEC denies the assertion..... Full Article: Source
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