02.09.2015 - Don't Count on OPEC Cuts While Iran Plans to Go It Alone
Any speculation the 12 members of OPEC may rein in oil production underestimates Iran’s determination to go it alone. Oil in London surged about 8 percent Monday, capping the biggest three-day increase in 25 years. The gain was partly driven by the Organization of Petroleum Exporting Countries saying that it’s ready to talk to other producers to achieve “fair and reasonable prices.” The commentary in its monthly magazine included an oft-repeated caveat: OPEC won’t reduce output unless the burden of propping up crude is shared with non-member nations...............................................Full Article: Source
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