- OPEC will reportedly be sticking to its plan of flooding global markets with oil.
- Reports from OPEC's Friday meeting indicate that there has been no agreement between Saudi Arabia and other producers to balance the global market.
- OPEC has reportedly agreed to raise its production ceiling to 31.5 bpd.
WTI crude oil prices plummeted below $40 per barrel on Friday as OPEC has agreed to stick to its policy of flooding the global market with oil in an attempt to maintain and re-gain market share. WTI was down 3.0 percent in early trading following the news.
Sticking To Their Guns
Early reports out of OPEC's Friday meeting indicate that leader Saudi Arabia seems ...
/www.benzinga.com/news/15/12/6022484/opecs-solution-to-oil-glut-more-oil alt=OPEC's Solution To Oil Glut: More Oil!>Full story available on Benzinga.com
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