OPEC member nations promise a renewed effort to balance supply and demand in the oil market. They are trying to deal with rising output from the U.S.
About four years ago they got together in an oil production war, trying to drive American shale oil producers out of the business.
Price Futures Group senior oil analyst Phil Flynn says, even though it didn't work, that was a history-making effort.
“It really was historic for OPEC and non-OPEC to work together, because that only happened one other time in history. The other thing that was historic about it was that they actually lived up, pretty much, to the production cuts,” Flynn says. “They didn't cheat.”
The current oil price is hovering around $50-a-barrel. Production cuts could push that a little higher.
Cartel members will meet a week from Thursday to develop a strategy.
“Can OPEC and shale producers work together after the production war?” he asks. “That remains to be seen.”