Iraq, Kuwait, the United Arab Emirates, Russia and Saudi Arabia will extend an OPEC agreement for oil production cuts for another six months. OPEC recently agreed to a six month 1.2 million barrel per day oil production cut.
OPEC is trying to clear the oil markets of extra oil inventories and over-production.
There is weakening global economic growth and surging US oil supply.
Oil future prices dropped 11 percent last week. Brent crude traded below $54 a barrel which the lowest since September 2017.
US Oil production has the capability of increasing production by 4 million barrels per day over the next three years.
Brian Wang is a Futurist Thought Leader and a popular Science blogger with 1 million readers per month. His blog Nextbigfuture.com is ranked #1 Science News Blog. It covers many disruptive technology and trends including Space, Robotics, Artificial Intelligence, Medicine, Anti-aging Biotechnology, and Nanotechnology.
Known for identifying cutting edge technologies, he is currently a Co-Founder of a startup and fundraiser for high potential early-stage companies. He is the Head of Research for Allocations for deep technology investments and an Angel Investor at Space Angels.
A frequent speaker at corporations, he has been a TEDx speaker, a Singularity University speaker and guest at numerous interviews for radio and podcasts. He is open to public speaking and advising engagements.