--- title: OPEC Doesn't Think Oil Glut Will End Until at Least 2017 | TIME description: The 12-nation conglomerate's long-term strategy report, shown to Reuters in advance of a June summit, shows OPEC thinks no one plans to slow oil production. canonical: https://time.com/video/Ba5gJCVt/ og:title: OPEC Doesn't Think Oil Glut Will End Until at Least 2017 og:description: The 12-nation conglomerate's long-term strategy report, shown to Reuters in advance of a June summit, shows OPEC thinks no one plans to slow oil production. og:url: https://time.com/video/Ba5gJCVt/ og:image: https://cdn.jwplayer.com/v2/media/Ba5gJCVt/poster.jpg?width=720 og:type: video.other twitter:card: summary_large_image twitter:title: OPEC Doesn't Think Oil Glut Will End Until at Least 2017 twitter:description: The 12-nation conglomerate's long-term strategy report, shown to Reuters in advance of a June summit, shows OPEC thinks no one plans to slow oil production. twitter:image: https://cdn.jwplayer.com/v2/media/Ba5gJCVt/poster.jpg?width=720 --- # OPEC Doesn't Think Oil Glut Will End Until at Least 2017 > Sponsored content. 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They are at time.com/newsletters and are separate from a paid subscription. ## Video: OPEC Doesn't Think Oil Glut Will End Until at Least 2017 [Watch (HLS stream): OPEC Doesn't Think Oil Glut Will End Until at Least 2017](https://cdn.jwplayer.com/manifests/Ba5gJCVt.m3u8) (1:50)  _Published 2015-05-28. The 12-nation conglomerate's long-term strategy report, shown to Reuters in advance of a June summit, shows OPEC thinks no one plans to slow oil production._ --- Jul 27, 2023 6:19 PM UTC --- ## More From This Series [All Videos](https://time.com/video/) [New IEA Report Estimates Oil Glut Is Here To Stay](/video/3JIqI2KV/) ### New IEA Report Estimates Oil Glut Is Here To Stay [OPEC’s Member Still Not Flinching At Oil Prices](/video/T3PsXJ6Y/) ### OPEC’s Member Still Not Flinching At Oil Prices [OPEC Secretary General: We Don't Want to Panic](/video/XGfyYJW0/) ### OPEC Secretary General: We Don't Want to Panic --- ## Transcript " If you're enjoying what gas prices did over the past year, it looks like you'll be able to enjoy them for a couple years to come. OPEC believes the world's current blood and oil supply will last at least until 2017. Royters saw a draft of OPEC's long- term strategy ahead of its -" June policy meeting in Austria and the 12 nation conglomerate believes the competition, namely North American shell oil producers, have no plans to slow down operations. According to Reuters the report said, since June 2014, oil prices have experienced a significant reduction. Reaching levels even lower than the crisis experienced in 2008, yet non- OPEC supply is still showing some growth. That does not mean that we should really rush and do something. We have to wait and see how the market will settle. When OPEC held another major summit in late 2014 the conglomerate was divided over whether to lower oil output and thereby raise prices. Ultimately, OPEC held its output steady to keep a grip on market share. And many believe the nations were trying to keep prices low and make shale oil production in the US unprofitable. But Reuters reports OPEC now believes other oil producers will continue to increase their output until 2017. Again forcing the conglomerate to lower its own supply or let oil prices stay low for much longer. Increased investments and lowered costs for renewable energy also have some speculating. OPEC wants to make oil An attractive energy source in the long run, but that's still a fairly small concerned compared to OPEC's oil producing competitors. In June 2014 the price of a barrel of Brent crude oil sat at $ 115, virtually a year later the price barely hovers above half of that, an astonishing drop and testament to non OPEC factors now affecting the world market. ```json {"@context":"https://schema.org","@type":"VideoObject","name":"OPEC Doesn't Think Oil Glut Will End Until at Least 2017","description":"The 12-nation conglomerate's long-term strategy report, shown to Reuters in advance of a June summit, shows OPEC thinks no one plans to slow oil production.","thumbnailUrl":"https://cdn.jwplayer.com/v2/media/Ba5gJCVt/poster.jpg?width=720","uploadDate":"2015-05-28T16:31:05.000Z","contentUrl":"https://cdn.jwplayer.com/manifests/Ba5gJCVt.m3u8","embedUrl":"https://time.com/video/Ba5gJCVt/","duration":"PT1M50S","potentialAction":{"@type":"SeekToAction","target":"https://time.com/video/Ba5gJCVt/?jw_start={seek_to_second_number}","startOffset-input":"required name=seek_to_second_number"}} ```