The Organization of the Petroleum Exporting Countries published a stinging critique on Monday of oil-producing countries that had refused to follow its lead in holding back supply in an effort to boost prices.
“Today, operating purely through self-interest is quite simply frowned upon,” said the intergovernmental organization in a bulletin. “Yet, when it comes to the supply of petroleum, there is a stubborn willingness of some non-OPEC producers to adopt a go-it-alone attitude, with scant regard for the consequences.”
OPEC, which represents 12 countries but is dominated by top exporter Saudi Arabia, has steadfastly refused to cut output, despite the 50 percent tumble in Brent and WTI crude oil prices since June 2014.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.