| By appearances, OPEC has the tell-tale signs of an aging prizefighter. It still technically possesses a knockout punch, but it’s unable to land one against younger, more agile opponents, amid doubts as to whether it has the legs to go the distance.
The last few days have bolstered this view. As OPEC continues its now-17-month price war against upstart US shale oil, global oil prices fell under $45 a barrel last week, breaking through a threshold that had held for months. Alarmingly if you happen to be an OPEC member, that’s far below the price needed by almost all of them to balance their state budgets ..............................................Full Article: Source
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