| The recent OPEC meeting was a non-event to the extent that most of the world media failed to show up to cover the meeting. No wonder. A roll over of the existing 30 million barrels per day (bpd) was expected and what happened was exactly like before in similar meetings.
For quite some time, the organization under the leadership of Riyadh, has managed to come with a new working formula devoid of typical political maneuvering — namely, freezing discussions on quotas, keep an eye on the demand and supply fluctuations and adjust whenever necessary by pumping more oil or cut some, and at the same time leave the price to be determined by the market...............................................Full Article: Source
|