OPEC Response to Oil Prices

OPEC Response to Oil Prices and It’s Affects on Employment

I am not sure if you all have seen the plummeting prices today but for the first time since 2003 (12 years) oil prices dropped below $30 and it has prompted OPEC to consider an emergency meeting next month. This is obviously good and bad news for the industry as we need to find the bottom of this drop in prices in order for changes to be initiated but it will cost professionals more jobs as expenses will be cut even more than they already have if it stabilizes in the $25 per barrel range over the coming weeks. OPEC’s president stated publicly today, “I think ultimately for the interest of everybody some policy change will happen,” Kachikwu said. “Now will the amount of barrels that you can take out because of that policy change necessarily make that much of a dramatic difference? Probably not, but the symbolism of the action is even more important than the volumes that are taken out of the market.”

Jeremy Wilburn, Staffing Consultant

 

Source: CNN Money 

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