OPEC Decides Later This Month on Whether to Cut Oil Production
OPEC will meet at the end of November to decide whether to cut oil production, which could mean an upswing in our local economy.
According to YourBasin.com, experts say that a barrel of oil could rebound into the 50's next year and into the 60's by 2018 if OPEC decides to cut production in their meeting on November 30.
Oil markets remain over supplied which is leading to the speculation that OPEC will cut production.
If they don't come to an agreement to cut production, the oil market could continue to be oversupplied which would have a negative effect on the local economy.