Home Business Why OPEC Still Can’t Get Iran To Cut Oil Production

Why OPEC Still Can’t Get Iran To Cut Oil Production

A gas flare on an oil production platform is seen alongside an Iranian flag in the Gulf July 25, 2005. REUTERS/Raheb Homavandi/File Photo - RTX2OBC0

OPEC members have in recent months repeatedly met to discuss production cuts. The cartel’s members are suffering from the dramatic decline in oil prices over the past two years, which has seen crude dropping to between $40 and $50 per barrel from more than $100 in 2014. This has caused tremendous pressure on both government budgets and economies of oil exporting countries. Summary⎙ Print Despite the agreement in principle on output cuts at its September meeting in Algeria, OPEC still has a long way to go in getting Iran to stop its drive to regain market share. Faced with these challenges, OPEC members finally agreed in a September meeting in Algeria to cut production — in principle.

To read the full story click on this link: Al Monitor

The views expressed in this article are the author’s own and do not necessarily reflect Global Village Space’s editorial policy.


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.