OPEC Aims To Keep Prices Up By Forming Oil Producer ‘Supergroup’

The oil producers want to bring 24 oil-producing countries together to stabilize and increase energy prices.

By Alexandra HartFebruary 19, 2018 11:54 am,

At last, drivers are getting a long-awaited reprieve at the pump. Gas prices nationwide have dipped slightly over the past week. But don’t get too excited – the relief might not last much longer.

And if you’re looking for somewhere to point a finger at, try OPEC, which is rumored to be in talks to form a so-called “supergroup” by the end of this year.

Matt Smith, director of commodity research for ClipperData, says that OPEC is about two-thirds of the way toward achieving its goal of reducing oil inventories.

“One thing they’ve done, which has been particularly smart, is targeting the U.S. inventories, because they are the most timely and the most transparent, and the largest inventories in the world,” Smith says.

What you’ll hear in this segment:

–Why OPEC wants to form a supergroup including nations outside the cartel

– Which countries would be part of the OPEC supergroup

– What else OPEC is likely to do during 2018