Economy 52,862 Posted October 16, 2014 Share Posted October 16, 2014 http://mobile.reuters.com/article/idUSKCN0I30TD20141014?irpc=932 Many times before when oil prices dropped like a stone, Opec has gotten together to cut production to bring up prices. However because OPEC has a smaller percentage of the oil market now than they used to, they would have to cut production far more than they have in the past and its not likely that they would be willing to do that! World demand for oil in 2015 is expected to rise only 1.1 million barrels a day to 93.5 Million a day... Yet at 93.8 Million production, were already producing more than thayBecause more oil is being produced than consumed, inventories will keep building up and prices will keep staying under pressure Link to post Share on other sites More sharing options...
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