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OPEC’s Latest Attempt To Boost Oil Prices Fails

stander
stander
in Oil, Gas and Energy News

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Iran effectively shut down the Organization of Petroleum Exporting Countries’s (OPEC) latest attempt to limit oil production to increase prices Tuesday, announcing it wouldn’t make a deal until its place in the global oil market was restored.

Iran announced that it won’t be joining any deal until it hits oil production targets, effectively sinking a planned OPEC conference in September before it begins. The announcement will certainly worsen the already bad relationship between Saudi Arabia and Iran, likely making their foreign policies desperate and even more aggressive while undermining the economies of OPEC nations.

http://houstonenergyinsider.com/?p=6009

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