(DENVER, CO)—The Organization of the Petroleum Exporting Countries (OPEC) announced the decision to continue current production levels of 30 million barrels a day after the cartel’s ministers met in Vienna. OPEC’s Arab Gulf state members led by Saudi Arabia, disregarded pleas from the organizations more penurious members to stabilize dropping oil prices by reducing oil production.
“American shale oil producers will definitely feel the far-reaching effects of the Organization of the Petroleum Exporting Countries’ (OPEC’s) decision to keep its oil output at robust levels,” said Dan K. Eberhart, Chief Executive Officer of Canary, an oilfield services company based in Denver.
