Oil prices are going down; Mother Russia’s oil production is highest in 3 decades!

The last OPEC meeting was to discuss the rising oil prices and high output; and the dispute between the Middle Eastern countries of Saudi Arabia and Iran. Right now, oil prices are declining since its peak last July according to the OPEC.

The cartel will meet up with non-OPEC members in the Austrian city of Vienna to discuss the barrels/day production of crude (which it is thinking of cutting down to 600,000 barrels/day) for the non-members. As you know, the cartel has already discussed reducing their oil production to 1.2million barrels/day.

Even though the cartel has agreed to this, it seems that it will take some time before it takes effect seeing that production is currently at 35 million barrels/day while Russia is a whopping 11.21 million barrels/day! Both OPEC and Russia could provide oil for half of the world at this rate.