VIENNA, AUSTRIA (LC) The Origination of Petroleum Exporting Countries (OPEC) announced this week that its plan to increase global oil prices is working, and the price per barrel is up to $56 from $42 this time last year. OPEC, and eleven non-OPEC countries, including Russia, had agreed to curb output by about 1.2 million barrels per day (bpd) over six months, having started on January 1, 2017. This was the first reduction in eight years. OPEC will meet on May 25 to consider extending the reduction beyond June. On Thursday, the International Energy Agency (IEA), announced that despite the OPEC cuts, prices … Continue reading Despite OPEC cuts, world oil market stabilizes, boon to U.S. shale