What have you always wondered about the economy? Tell Us

OPEC is stuck between lots of oil and a hard place

David Gura Nov 27, 2014
HTML EMBED:
COPY

OPEC is stuck between lots of oil and a hard place

David Gura Nov 27, 2014
HTML EMBED:
COPY

The Organization of the Petroleum Exporting Countries is meeting Thursday, and with oil prices at a four-year low the group is at a crossroads.

Marketplace sustainability reporter Scott Tong says OPEC is facing a changed oil industry and a tough choice. They could cut production and sacrifice market share to other producers, namely the U.S., or they could stay the course and let prices keep falling.

There’s no easy answer, and Tong says the cartel could be in for gridlock not unlike what we’ve seen in Washington. That’s good for oil producers in the U.S. right now, but if prices get too low it could spell trouble for the fracking boom here.

Listen to David Gura’s full conversation with Tong in the audio player above. Below, you can hear Gura’s interview with Jamie Webster, who’s in Vienna for Thursday’s meeting.

Marketplace is on a mission.

We believe Main Street matters as much as Wall Street, economic news is made relevant and real through human stories, and a touch of humor helps enliven topics you might typically find…well, dull.

Through the signature style that only Marketplace can deliver, we’re on a mission to raise the economic intelligence of the country—but we don’t do it alone. We count on listeners and readers like you to keep this public service free and accessible to all. Will you become a partner in our mission today?

Your donation is critical to the future of public service journalism. Support our work today – for as little as $5 – and help us keep making people smarter.