OPEC is so incredibly divided over low oil prices that they have yet again failed to agree on how much oil to produce, leaving the output to stay the same, steady at 30 million barrels a day. A cut in output would have been able to at least eased pressure on oil prices, but unfortunately today just wasn’t the day for divided parties to come to an agreement. The decision will be postponed again until the next OPEC meeting, as told by the OPEC Secretary-General.
Additionally, when Western sanctions on Iran are lifted, Iran will add even more oil to the market, having repeatedly said it will consistently add 1 million barrels to the market per day. Right now, there are already 1 million spare barrels of oil on the market every day.
Source: Foreign Policy