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Is OPEC right to ignore the oil price pessimists?

Posted on 06 December 2013

OPEC has often been criticized in the past for failing to cut crude output until the tide of oversupply is washing up at its shores. On Wednesday, the cartel ignored all the latest tidings of doom and gloom and rolled over for at least another six months the 30 million b/d output ceiling that has been in place since January last year. What else could it have done?
Undoubtedly, there is a long list of possible developments that could put heavy downward pressure on oil prices. Firstly, non-OPEC production is expected to continue climbing as the shale boom in the US continues to bear fruit – the International Energy Agency last month forecast a 1.8 million b/d year-on-year increment in 2014, on the heels of an already notable 1.3 million b/d increase in 2013………………………………………..Full Article: Source


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