OPEC’s Patience Paying Off as Oil Prices Trend Upward

Almost nine months after OPEC and its non-OPEC partners implemented production cuts in a bid to rebalance oversupplied markets, tighter supply and demand fundamentals are now supporting prices in a higher $50-55 per barrel (/bbl) range.

OPEC’s Patience Paying Off as Oil Prices Trend Upward
UAE Minister of Energy Suhail Mohamed Faraj Al Mazrouei speaks to journalists prior to the start of OPEC's meeting in Vienna, Austria, May 25. (AP Photo/Ronald Zak)

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