OPEC fights falling prices with production cuts
After days of tense negotiations, OPEC members agreed to cut oil production by 1.2 million barrels a day. Russia and a few other non-OPEC countries said they’d join in to try to get sinking oil prices to rise. They’ve fallen over 30 percent in the last few months.
But while those cuts are significant, analysts say the move isn’t likely to have a major impact on the U.S. oil market. That’s because the U.S.’s own oil market is getting bigger and bigger and seems to be less vulnerable to OPEC’s decisions.
Click the audio player above to hear the full story.
Stories You Might Like
There’s a lot happening in the world. Through it all, Marketplace is here for you.
You rely on Marketplace to break down the world’s events and tell you how it affects you in a fact-based, approachable way. We rely on your financial support to keep making that possible.
Your donation today powers the independent journalism that you rely on. For just $5/month, you can help sustain Marketplace so we can keep reporting on the things that matter to you.
