OPEC Under Pressure After Oil’s Slide Into a Bear Market: ChartBy
The Organization of Petroleum Exporting Countries is talking about oil prices and special meetings in September, a sign it’s under pressure again after crude fell back into a bear market last week. The producers of about 40 percent of the world’s crude found unity and optimism when they last met in June, thanks in large part to the almost 90 percent recovery in prices from a 12-year low. The market has since renewed its decline as the global supply glut proves more resilient than expected, but there’s little reason to think OPEC is any closer to taking action to eliminate the surplus.
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