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The Biggest Challenge OPEC Facing Is The Increase Of Oil Production In Member Countries
Aug 24, 2017

Dow Jones, August 21, 2017, the analyst at PVM Tamas Varga said, OPEC's biggest challenge is how to respond to the growing oil production of member countries. Although OPEC has implemented a cut-off plan, oil prices have been fluctuating around $ 50 / barrel. This is partly due to the fact that some of the member states of the organization have actually increased their oil production. Last month, compared to March, Libya's oil production grew by nearly 40 million barrels per day , while Nigeria's output increased by nearly 30 million barrels per day. Over the same period, Saudi Arabia and Iraq's crude oil production increased by 16 million barrels a day and 4.3 million barrels a day separately. Varga said that this is the problem that OPEC has to solve, and the organization's action must be relatively fast also.


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