VIENNA (AP) – Cheap oil that could get even cheaper: That’s the challenge OPEC ministers face as they try to cut their losses at a time when supply is outstripping demand.
But their hands appear tied.
Ahead of their meeting Friday, there is recognition that the 12-member Organization of the Petroleum Exporting Countries will be unable to nudge up prices, at least in the short term.
Non-OPEC countries like Russia and the U.S. continue to challenge OPEC for customers. And within the cartel, Iran and Iraq want to start pumping more, even though regional rival Saudi Arabia appears unwilling to play along by reducing its own output.
The Saudis and other OPEC states are looking to maintain their market share at a time when low prices are already cutting into their revenues.