What is OPEC’s role in oil price crash?

Why have oil prices gone below $70 a barrel and threaten to go below $60 – and what does that have to do with OPEC? The oil group which is […]

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By Vicky Ellis

Why have oil prices gone below $70 a barrel and threaten to go below $60 – and what does that have to do with OPEC?

The oil group which is led by Saudi Arabia and counts countries such as Iraq, Nigeria and Libya has decided to keep pumping the same amount of oil. Some analysts reckon prices could go into further freefall.

ELN asked analyst Matthew Osborne of Inenco about the global power play which could be behind OPEC keeping its oil production at a steady level.