Oil Price Spikes after OPEC Meeting

Hold onto your seats because we have some negative news coming in. With oil prices plateauing over the last several weeks many believed that we had seen the worst. Instead, it now appears that it could increase even further.

OPEC had a very contentious meeting today with Libya taking center stage. The countries fought over whether to increase supply, as Saudi Arabia wants to do. Instead, there was no consensus, causing the price to spike over $3 a barrel.

"We have noted with disappointment that OPEC members today were unable to agree on the need to make more oil available to the market," said the International Energy Agency.

And guess who was behind the discord:

But this time those in OPEC politically opposed to the United States—led by Iran and Venezuela —found enough support to block Riyadh.

The Saudis have increased output by 500,000 barrels already, with negligible effects.

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