The world may be heading for an even greater oversupply of oil, and that possibility which could drive down fuel and energy prices is hanging over members of the OPEC cartel as they head into negotiations Thursday.
The oil-producing nations will decide whether to stick with production cuts they’ve endured for the past three years, relax them or deepen them in the hopes of propping up prices.
They’re negotiating through a tangle of tensions driving members in competing directions.
Saudi Aramco’s stock market debut, which is expected Friday, has put Saudi Arabia in a precarious position as it bets on what volume of oil production will hit a sweet spot for prices, with the added pressure of considering the interests of the state-run oil giant’s shareholders.
