Here’s how OPEC’s oil output has changed since the group’s last big meeting flopped (USO, WTI, OIL, VDE, BNO)
|09/26/2016||Posted by BusinessMediaguide.Com under General World News||
The Organization of Petroleum Exporting Countries (OPEC) went ahead to glut the market with even more oil after it failed to reach a production freeze agreement in April.
In a note to clients on Sunday, Barclays commodities researchers wrote that, led by Gulf States, the cartel of oil producers has increased its output by 500,000 barrels per day since the meeting in Doha.
OPEC is meeting again this week to try and solve the excess supply that helped drive oil prices to the lowest level since 2003 earlier this year.