OPEC Production Continues To Pressure Oil Prices

OPEC oil production rose to 31.77 million barrels per day in November, another record month of output which is well above the 30 million barrel per day quota the coalition of oil producing nations has set. Iraq and Saudi Arabia are leading the charge toward increasing production despite the much lower crude price:

 

OPEC_Producers

The following comment from Eurasia Group Explains why Saudi Arabia finds itself between a rock and a hard place with no easy path forward:

Saudi

Saudi is fighting for its market share and the price of oil and high cost producers are suffering as a result.