The US price of crude oil is hovering under $50 per barrel despite this week’s meeting of oil producers in Abu Dhabi to discuss compliance with January’s production-cut agreement, Reuters reports.
Increasing production by OPEC members continues to contribute to lower prices, according to Oil Price.
This growth in oil output has been driven by higher production in Libya and Nigeria, two OPEC countries that were exempted from cuts under the agreement, according to Reuters.
The United Arab Emirates (UAE) and Iraq have also consistently overproduced.
Total OPEC output stands at 32.9 million barrels per day (b/d), Oil Price reports.
Saudi Arabia recently announced that it will reduce crude oil shipments by 520,000 b/d in September 2017, according to Reuters.