Still, OPEC is doing little to limit output, according to recent data.

“In its most recent report, Opec said its output slowed marginally in February, by 175,000 barrels per day to 32.38 million, on lower production from Iraq, Nigeria and the United Arab Emirates,” reports the BBC. “Overall, it expects demand for 2016 to reach 31.5 million barrels per day, a fall of 100,000 barrels on its previous forecast, but a rise of 1.8 million barrels per day on last year.”

United States Oil Fund