OPEC Shoots Itself In The Foot – Investing.com

OPEC Shoots Itself In The Foot – Investing.com

This article was written exclusively for Investing.com.

The biannual meeting of the international oil cartel is in the early summer and winter each year. In 2021, the first gathering was on July 1 and 2. OPEC ministers came together to discuss the production cuts in place since the beginning of the global pandemic that caused energy demand to evaporate, sending the energy commodity to historic lows in April 2020. Nearby NYMEX futures fell below zero and to under negative $40 per barrel on April 20, 2020. futures fell to $16 per barrel, the lowest price of this century.