• News Desk

OPEC TO HOLD INFORMAL MEETING


When oil fell the first few times, OPEC may have been worried, but knew that it was nothing they could not handle. However, this most recent drop, from over $50 a barrel to less than $40 a barrel, has the group of oil producers anxious. For the last two years, OPEC countries have increased production in order to take back market share from the U.S., resulting in a massive supply glut, the main reason for this valley of oil prices. President of OPEC and Qatari Energy Minister Mohammed Bin Saleh al-Sada does not think there is reason to panic, arguing that prices remain on track to recover.

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