| The Organization of the Petroleum Exporting Countries (OPEC) is irrelevant because it can’t control oil production volumes within it’s own member-countries, the president of PKVerleger LLC, an US energy consulting firm, told Sputnik. “OPEC is irrelevant today. Producing countries set their levels of production… Prices will probably fluctuate between 30 and 50 [dollars per barrel]. OPEC <…> has no power,” Dr. Philip K. Verleger said.
Global oil prices have significantly dropped compared to summer 2014, falling from $100 to $43 per barrel for Brent crude, primarily a result of worldwide oversupply. According to the International Energy Agency (IEA), global oil prices will fall further in 2016 in response to decreased demand. ..............................................Full Article: Source
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