Is OPEC’s production cut a viable measure to halt falling crude oil price by GlobalData

VIEWS: 98

Is OPEC’s production cut a viable measure to halt falling crude oil price

Summary

The growing demand for crude oil across the world has necessitated an increased supply from OPEC as well as Non-OPEC countries. The rise in world oil prices from less than $28 per barrel to about $147 per barrel in recent months has also been an incentive to the producing countries to increase their output significantly to meet the growing demand for oil. Total oil production grew from 77.76 million barrel per day in 2000 to 84.40 million barrels per day in 2007. The total oil output is expected to reach 85.88 million barrels per day by the end of 2008, of which more than 40 percent is expected to come from OPEC countries.

Scope

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