Oil leaders hope market at bottom
ABU DHABI, United Arab Emirates – The international oil market has hit its bottom, though how long it will be there remains in question, leaders in the industry said at an Abu Dhabi conference on Monday.
As they walked among stands offering a variety of new equipment, those who attended the annual Abu Dhabi International Petroleum Exhibition & Conference no doubt kept the price per barrel in mind, which now sits under $50, down from over $100 in mid-2014.
Oil producers would love to see higher prices, but OPEC so far has been unable to cut output.
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