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OPEC: Obviously Powerless to Effect Change?

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Another important OPEC meeting looms; the cartel has its next twice-yearly meeting on Thursday. It will be astonishing if it changes anything.


Of course, they’ll discuss the global oversupply of oil that has kept prices agonisingly low for two years. But it will just be talk. Iran still wants to re-establish itself as a high volume producer, so will keep its crude flowing. Saudi Arabia refuses to cede dominance or influence to the Iranians, so won’t cut back on its production until Iran does. This is strategic politics, not market economics.


http://www.offshorepost.com/analysis/opec-obviously-powerless-effect-change/?utm_source=Offshore+Post&utm_campaign=2733d07d75-Declan+Tuesday+May+30+2016&utm_medium=email&utm_term=0_d0509d2a93-2733d07d75-268412977


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