What happened to oil prices and why can’t Opec agree to anything more binding? In the time since, a deal between Iran and world powers over its contested nuclear program allowed it more firmly back into the global oil market. A deal to make a dealUnder the terms of Wednesday’s deal, Opec agreed to have a committee look at potentially cutting production to 32.5m to 33m barrels a day. xPain for producers, comfort to consumersProducers like Venezuela and Nigeria face tremendous economic pain as oil prices remain low. Production cap offers no guaranteesIf ratified in November, an Opec production cut wouldn’t stop members from ignoring their quotas and pumping whatever they can.

Source: Dhaka Tribune September 29, 2016 13:52 UTC