12.11.2015 - How OPEC has earned itself a permanent pay cut in its self-launched oil price war
A year after instigating a market share war that crushed oil prices and devastated the oil business the world over, the oil cartel that is the Organization of the Petroleum Exporting Countries is meeting again on Dec. 4 in Vienna to assess the situation. Saudi Arabia and its rich Gulf allies, which control the cartel, could back off their strategy of increasing market share at the expense of prices and give oil a lift. But don’t count on it. Based on public statements thus far, the Saudis and their octogenarian oil minister, Ali al-Naimi, will likely press on with the market grab. “Naimi will still argue probably that the strategy is producing the re-balancing,” noted Helima Croft, global head of commodity strategy at RBC Capital Markets. And that “it’s been slower, but it’s working, don’t pull out now.”..............................................Full Article: Source
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