| Unprecedented events across the Middle East and North Africa have fundamentally changed the geopolitics of oil, writes Professor Mohammed Akacem in this thought-provoking analysis. The Organization of Petroleum Exporting Countries, OPEC, has decided to keep their output ceiling unchanged in the face of falling oil prices.
Despite the calls for reducing oil production by the price hawks to shore up sagging oil prices, the oil cartel decided to pass. While oil consuming countries are fixated on their dependence on the oil cartel, it is time to examine the reverse: how much are OPEC’s economies fixated on every oil price move and its impact, not only on their economies, but on their possible political survival?..............................................Full Article: Source
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