July 31, 2017

OPEC Oil Price Change over Time

   July 31, 2017

OPEC Oil Price Change over Time

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Editor’s Remarks:
Oil prices and the OPEC have been in the news over recent months as crude prices have dropped below $50 per barrel, a level at which much of the world’s oil production is unprofitable. OPEC, which is made up of 14 mainly Middle Eastern oil producing nations, has been struggling to limit supplies to a target level of 1.8m barrels per day to maintain price levels. The chart today looks at the average annual OPEC crude oil price over the past 10 years, and oil producing nations have indeed faced tough times since 2015. OPEC’s stated mission is “to coordinate and unify the petroleum policies of its member countries and ensure the stabilisation of oil markets.” But nowadays, much of the world’s oil production and exports come from non-OPEC countries, such as Russia and the US, and OPEC may find that its oil cartel is not as effective as in the past.

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