| With oil prices down by almost 70 per cent from mid-2014, and touching multi-year lows recently, economies across the globe are gradually adjusting to the ‘new oil normal’ and the massive transfer of real income from producers to consumers.
The market has changed radically from the days when the Organisation of the Petroleum Exporting Countries was formed in the 1960s. Set up with the objective of coordinating and unifying petroleum policies among its member countries to “secure fair and stable prices” and “maintain efficient, economic and regular supply of petroleum”, OPEC is a cartel. ..............................................Full Article: Source
|