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Commodities Briefing - Categorized | Market Pulse, Oil more

Rumors of OPEC’s demise exaggerated

Posted on 19 June 2013

A mixed picture is starting to emerge from the Middle East in terms of oil production. Several members of the 12-member OPEC oil cartel are embroiled in turmoil or struggling to ensure post-war political gains. Oil production from the Middle East declined by 1.5 million barrels per day in 2009.
Production from most Middle East countries has slowed down or leveled off, though gains from Iraq have offset some of those declines. With economic recovery seemingly on the horizon, a new OPEC may be developing from the ashes of the recession………………………………………..Full Article: Source


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