OPEC's Crude Uplift Plan Hits Early Speed Bump

摘要

Barely days after OPEC's announcement on production cuts to raise crude prices the market slumped again. OPEC's oil output set another record high in November, rising to 34.19 million barrels per day (bpd) from 33.82 million bpd in October. "Oil prices slipped on Tuesday, 6th December as crude output rose in virtually every major export region despite plans by Organization of the Petroleum Exporting Countries (OPEC) and Russia to cut production, triggering fears that a fuel glut that has dogged markets for over two years might last well into 2017", screamed a report.