SOURCE: Industrial Info Resources

Industrial Info Resources

February 17, 2016 07:00 ET

Oil Output Is Possibly Leveled While U.S. Begins to Export, Iran Is Back on the Market, an Industrial Info News Alert

SUGAR LAND, TX--(Marketwired - Feb 17, 2016) - Researched by Industrial Info Resources (Sugar Land, Texas) -- Certain members of OPEC along with Russia have agreed, in theory, to freeze oil production at current levels in an effort to help prices climb, or at least not dip again. Qatar, Russia, Saudi Arabia and Venezuela have put together a plan to cap their respective countries' oil production at today's rates, and will not increase them for the time being. Speculation on whether this will work centers on the fact that all oil producing countries are running at record rates right now. This is OPEC's plan B as opposed to actually reducing production. Some might remember that it was Saudi Arabia that publicly declared it would be increasing production as the U.S. boom in oil and gas production began a few years back, and late in 2014 the bottom fell out. A slow creep in 2015 was showing positive signs for the industry before yet another fall in prices.

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