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Will OPEC lose control of oil price manipulation?

Posted on 10 December 2013

2014 could shape up as a transformation year for oil, with prices falling on increased supply of North American crude and overproduction within OPEC. The cartel met last week in Vienna and agreed to keep production unchanged at 30 million barrels of crude per day (b/d). This target will be challenged as sanctions on Iran are loosened, adding a potential 4 million b/d of crude to an already oversupplied market.
With fiscal troubles throughout OPEC’s membership and new supply opportunities arising, the group’s target of 30 million b/d will be challenged and could lead to a sharp drop in the price of Brent crude oil………………………………………..Full Article: Source


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VRS - who has written 38561 posts on Opalesque Commodities Briefing.


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