Why is OPEC refusing to cut oil production?

Why is OPEC refusing to cut oil production?

December 14, 2015
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By hellenicshippingnews Despite plummeting oil prices and a glut in global supplies, members of the Organization of the Petroleum Exporting Countries (OPEC), have decided to increase oil production levels amid growing disagreement among members over the strategy. OPEC, which provides one-third of global oil, recently decided to increase its collective output to 31.5 million barrels per day, despite … Read full story ›

Source:: Hellenic shipping news Oil