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6 month extension of decrease in oil production by leaders of membered countries in OPEC (2016-12-05)

6 month extension of decrease in oil production by leaders of membered countries in OPEC

Leaders of member countries in OPEC extended reduction process of oil production to 6 months, while non-member countries in OPEC announced their readiness to go along with this decision by following this action. Experts believe that rising oil price is definite in future months by this integration and unity among oil producer countries. However, it seems that the current price of oil wasn’t satisfying for oil producer countries in past months.

It must be noticed that economic depression is definite for countries whose most income is from oil production, and this issue will be worrying. Moreover, the probability of human force reduction of big oil companies and unemployment of some employees of these companies are number of the made challenges by this decision.

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