The OPEC pre- meeting yesterday failed to deliver any agreement on production cuts to steady oil prices, now down to 2010 rates.
As the price of oil falls close to the $70 mark, members of OPEC are due to meet in Vienna tomorrow for the 166th Meeting of the OPEC Conference. However, a core number of oil producing countries met yesterday in an effort led by Venezuela to agree on production output cuts. Between Venezuela, Saudi Arabia, Mexico and Russia, there was no agreement, only a commitment to monitor prices. It is now down to the 12 members of OPEC to meet tomorrow and discuss this agenda further.
Oil facts for the meeting:
9 of the 12 OPEC members will not balance national budgets with current low prices.
US production is the highest in 31 years.
Russia need not cut production until oil declines to $60 a barrel.
Total global output was 86.8 million barrels daily.
27.8 million barrels a day were produced between Russia, Saudi Arabia, Mexico and Venezuela.
OPEC pumped 30.97 million barrels a day last month.
Venezuela holds the largest reserves of oil.
Russia pumps approx. 10 million barrels a day, about 10 percent of global output.
WTI oil fell down to as much as 73.76 today.
Chart on MT4: Oil
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