OPEC Pumps Up Oil Production – Oil Industry Update

Max Smith, CFP®, CIMA® | Kent Forsey, CFP® Energy Markets, Oil Prices, Oil Production

As oil prices rebounded throughout May and June, drillers revived idle rigs at the prospect of catching higher prices as they evolved. Unfortunately, the upswing in production and drilling was accompanied by growing supplies and less consumption, thus resulting in a supply glut. As a group, OPEC represents the world’s largest producer of oil, with Saudi Arabia being the single …