There's trouble in the oil patch for OPEC. Over the past year, OPEC has cut production at least three times to bring oil production down and keep prices from falling below $40 per barrel. In fact, OPEC wants to bring the price of oil back up to $70-$75 per barrel. The big question is whether it is working.
Well, part of the plan is successful. U.S. imports from OPEC fell 818,000 barrels per day or 14% to 5.02 million barrels per day in January from a year earlier. But if you remember the old adage, "While the cat is away, the mice will play," OPEC's plan is not holding up too well. When OPEC cut production, Russia and Brazil jumped in and did the opposite, namely increase exports to the US.
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