Oil Now Below $70 Per Barrel
CBJ – OPEC, the oil cartel responsible for a major supply of global oil production, will not cut output in spite of the supply overload, a decision that will put more downward pressure on already tumbling prices.
OPEC’s production ceiling will remain unchanged at 30-million barrels a day, OPEC ministers announced. The quota will remain in place for the first six months of 2015. OPEC next meets in Vienna on June 5.
With the United States now determined to be energy self-sufficient, the Middle East is losing its largest consumer of oil.
While it’s tremendous news for Canadians, who will see lower prices at the pumps, there is concern about the overall Canadian economy in the long term, as the oil industry is vital to our national gross domestic product.