Oil Price Drop: Who is Worst Off?

• 02.27.2015, 14:12
•  America,  Near East,  World

The plan made three months ago by Saudi Arabia about letting oil price to fall is working, Bloomberg reports. Saudi –led OPEC (Organization of Petroleum Exporting Countries) decision on November about maintaining output levels and protecting its market share at the same time pushing international oil prices down shows the expected effect.

The plan threats to curb output in the U.S. and other non-OPEC countries. The number of rigs drilling for oil in the U.S. last week dropped by 37 to 1,019. Thousands of workers are laying off in the oil industry.  U.S. oil production slowly will cease its growth in April because of the drop in the rig count.