OPEC Members Prepare To Meet As Oil Prices Continue To Drop

This Week’s OPEC Meeting Is The Most Important In Years -- Washington Post

For most of the past four years, OPEC has had an easy time.

The Organization of the Petroleum Exporting Countries hasn’t had to do much to keep oil prices over $100 a barrel. Disruptions in supply — most notably the Libyan civil war — and rising demand have kept the cartel’s coffers full. It has been, say Barclays’ commodities analysts, the culmination of OPEC’s “golden age.”

Is that golden age ending? High prices are often the seeds of their own destruction, providing incentives for new developments and alternatives. Now, over the past three months, global oil production has been outrunning consumption. The price of OPEC’s mix of crude oil has tumbled $32, or 30 percent, to the lowest level since 2012. And suddenly the 12-member group is bickering over who should cut oil output, and by how much, in order to prop up prices.

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More News On OPEC Members Preparing To Meet As Oil Prices Continue To Drop

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