Similar Stories to Why Iraq Rules Opec Now on Bing News

The Week - Business, The Week: Business
Fri, 09/30/2016 - 2:43am

OPEC is at it again. Earlier this year, the 14-member Organization of the Petroleum Exporting Countries dangled the possibility of a production freeze to contain the global glut of oil that's been driving down prices. But the proposal fell apart in April, when Iran couldn't be brought on board and Saudi Arabia refused to move without them. Fast forward to this Wednesday, and OPEC appeared to finally strike a deal: They'll cut their total production to somewhere between 32.5 and 33 million barrels per day (bpd), down from the 33.24 million they're at now. Or at least that's what OPEC says it'll do.

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