Whatever OPEC Decides, Oil Supplies Are Rising From All Sides
OPEC 101: The Basics
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No matter what OPEC says Friday about its production target, the outcome is sure to be more oil.
Iran, Iraq and Libya said this week they plan to add millions of barrels to the market this year. Saudi Arabia, the biggest member in the group, is already pumping the most in three decades. And executives from the world’s biggest oil companies pledged to keep expanding by cutting costs and focusing on the most promising drilling sites.