Amid oil glut, OPEC displays production discipline

Filed under: Oil

This recession certainly has had its unique characteristics: the longest contraction (at least 18 months) since the end of World War II, the first U.S. median home price decline in at least 40 years, and OPEC production discipline.

Amid slack demand and rising inventories, OPEC, excluding Iraq, cut production for the second consecutive month, decreasing average production by 10,000 barrels per day from August (bpd) to 26.045 million bpd, according to a survey of oil companies, producers and analysts, Bloomberg News reported Thursday.

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Amid oil glut, OPEC displays production discipline originally appeared on BloggingStocks on Thu, 01 Oct 2009 18:00:00 EST. Please see our terms for use of feeds.

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