Crude oil prices bounced higher on Friday, as OPEC failed to raise production as much as many feared.

Oil ministers from OPEC and non-OPEC producers are already gathering in Vienna, Austria, in advance of what is touted to be one of the most contentious meetings in recent memory.

OPEC still thinks it has significance in "rebalancing" the world's oil market. U.S. energy producers, on the other hand, keep on producing, regardless.

Will there be $100 per barrel oil again soon? It's possible, but it would not be permanent.

Citigroup announced last week that exports of crude and finished oil products from the United States would overtake Saudi Arabia’s by next year.

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