At the meeting Vienna, Opec members will debate whether to lift the 18-month-old production cap to stabilize pricesAs the Organization of Petroleum Exporting Countries (Opec) prepares to meet on June 22, its members are looking at a very different world than just a few years ago.The massive oil supply glut - and rock bottom prices - is gone. The global economy is stronger, fossil-fuel energy demand is at a record high, and the nuclear deal that allowed Iran, an Opec member, to start selling oil again is in tatters. After falling to sub-$30 a barrel in early 2016 for Brent, the global benchmark, and West Texas Intermediate, the US benchmark, oil prices have risen to about $76 and $67 a barrel respectively. Related: Oil price keeps rising - will it come back to earth with a bump? Looks like OPEC is at it again. With record amounts of Oil all over the place, including the fully loaded ships at sea, Oil prices are artificially Very High! No good and will not be accepted!Oil prices are too high, OPEC is at it again. Not good! Continue reading...
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