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OPEC Mixed on Oil Production Cuts as Shale Threat Rises By Alfonso Esparza

on Nov 27, 2014 10:08:48 GMT  2    0  inShare  Email marketpulse  The two main drivers of the price of oil have been an increase of production in the U.S. with the use of shale oil technology, and a lower demand for energy as global growth slows. Geopolitical turmoil has taken a backseat to those two factors. Even rising violence in oil producing states has not deeply affected the price of crude.  The Organization of the Petroleum Exporting Countries (OPEC) will hold its general meeting this week to decide if it needs to reduce its oil production quota to reverse the falling price of crude.  During OPEC’s last meeting in June, the members considered the market to be adequately supplied, and they indicated geopolitical tensions were the main reason prices had changed. There was a comment on the statement highlighting that although global demand would be stronger in 2014 than in 2013, non-OPEC supply was growing. 271114d