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Heavy debates over extension of OPEC oil deal

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SKYROCKETING OIL PRICES — Will the OPEC oil deal threaten consumers worldwide with increased oil prices in an attempt to enhance the global economy?

OPEC, the powerful group of 14 major oil-exporting nations who produces and coordinates petroleum policies, had cut back on production for over a year in hopes of bringing oil prices back up. Officials claimed that gas prices have been lower than expected as a result of the slow-growing economy in the past few years and an increase in U.S. domestic supply of oil, also known as fracking. This cartel has not reached a consensus yet and will plan to meet again in late November to come to an agreement. Since last year, this has been the first oil deal since 2008. OPEC plans to reduce output to a range of 32.5-33.0 million barrels per day and its current output estimates 33.24 million bpd.




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