Tim Smith - CleanMPG - Nov. 27, 2014
I dug up this image from 2009. Do these prices look familiar? Think they'll last? --Ed.
According to an OPEC press release, the cartel has agreed that oil production from member countries will remain steady at 30.0 million barrels per day despite recent oil price falls. An interest in "restoring market equilibrium" was cited as a key reason not to alter rates of production. This comes despite the organization's own characterization of the market as being "well supplied," having estimated that growth in oil consumption during 2015 will be met by increased output from non-member countries.
Oil prices have dropped sharply during the second half of 2014. Brent Crude reached a peak of $115/bbl in late June before beginning a steady decline to the current price of just under $80/bbl. Light sweet crude similarly topped $106/bbl before falling below $74/bbl during the same period. The average price of regular gas in the US is now below $2.80/gal as a result.
As always, anything beyond a very short-term prognosis for oil markets remains guesswork at best. The next scheduled OPEC meeting has been set for June 5th, 2015. Meanwhile, low oil prices have the potential to impact non-OPEC output if they persist long enough for interested parties to re-evaluate the economics of more costly extraction projects.
OPEC Maintains Production Output Despite Falling Oil Prices
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