Month: December 2016

OPEC May Opt to Set Crude Oil Prices Once Again

Bert Vandiver
Bert Vandiver

CEO Bert Vandiver presides over LR Commercial Construction, the oil-industry construction company he founded in 2002. As part of his commitment to his company and industry, Bert Vandiver makes it a priority to stay up to date regarding changes in crude oil production and pricing.

Despite a recent pattern of relative inactivity, OPEC members may consider taking action to improve crude oil prices in the near future. Oil prices slipped back into the $30-per-barrel range in early August, sparking concern across OPEC and allied nations.

Spearheaded by Saudi Arabia, OPEC members agreed to allow the market to set prices back in 2014. This displeased many of the organization’s weaker members, who favored a production freeze in response. These policies contributed to a production surplus and corresponding price crash, which sparked the more recent controversy.

Saudi Arabian officials are open to production deals, but this openness is contingent upon agreement from all other OPEC members. If they can find common ground, the crude oil market may be facing some changes in the near future.