Home > Growth > OPEC to maintain daily quota for oil.

OPEC to maintain daily quota for oil.

November 28, 2014 Leave a comment Go to comments

Here is a useful clip from Al Jazeera which discusses the recent decision of the Organisation of the Petroleum Exporting Countries (OPEC) members to maintain the volume of oil pumped everyday even with the price of a barrel of oil falling from $110 to just over $80 this year. For Russia’s budget this can be a loss of revenue up $40bn – Russia, which is not an OPEC member, wants oil prices to go up but current EU sanctions over its role in Ukraine are hurting their request. OPEC members are attempting to find a solution regarding the slump as big oil producers like Saudi Arabia, Iran and Venezuela are continuing to see a loss in money.

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