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Commodities Briefing - Categorized | Market Moves, Oil more

Turmoil perpetuates OPEC charade

Posted on 09 September 2013

Turmoil in the Middle East and North Africa has been awful for the people of the region. The same cannot be said for Organization of the Petroleum Exporting Countries (OPEC), the oil cartel. The long list of crises - violence in Iraq, fear of sectarian spillover from the Syrian conflict, oil worker strikes in Libya and sanctions against Iran - has conspired to keep crude prices high.
The oil world is changing, and the cartel is losing out. OPEC’s latest Monthly Oil Market Report projects an increase in global demand in 2014 of more than 1 million barrels per day (bpd) to 90.75 million bpd, but the supply needed from OPEC is expected to fall by more than 260,000 bpd to 29.65 million bpd………………………………………..Full Article: Source


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VRS - who has written 34624 posts on Opalesque Commodities Briefing.


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