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The reduction in OPEC oil and its effects on oil market (2016-12-01)

The reduction in OPEC oil and its effects on oil market

We witnessed OPEC oil-producing countries’ heads decision making. This decision was made while global oil markets were not in a good situation and the downward trend in oil prices to 25 dollars had created many concerns for this group. After OPEC made decision about reducing oil production, non-OPEC countries decided to affiliate with this group and reduce their oil production.

This coordination between OPEC and non-OPEC countries not only caused an increasing in global oil price, but the experts believe that in mid-2017 oil price may reach to 60 dollars a barrel. Therefore, it can be hoped that in the next few months global oil markets have a growth, although factors such as insecurity, war or even power transfer in some countries are not negligible. Anyway, analysts know 2017 a good year for oil market and this could seem an optimistic point of view, and according to last few months’ events now is not the waiting time. Oil market is and has always been one of the most effective global markets have affected on many countries of the world.

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