| It’s amazing how quickly attitudes change. OPEC, once cock of the walk, is now seen as helpless and hopeless, all for not implementing a minor production cut. Mere weeks ago, some were talking about $150 as a target for next year, and now a $30 prices is being bruited about as a possibility. While it’s true that consistency is the hobgoblin of little minds, oil pundits are now inflicting whiplash on their audience.
Certainly, the price is lower than I thought it would be at this point, in part because the market imbalance is nothing compared to the weakness during the 1986 oil price collapse, when OPEC production had dropped by 50% in five years...............................................Full Article: Source
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