| OPEC is a dysfunctional organization that has outlived its usefulness, Oppenheimer senior energy analyst Fadel Gheit said. "OPEC is finished. OPEC is over," he said. "Shale production has completely changed the way we look at energy and it's not going to change. The fact of the matter is that OPEC and Saudi Arabia are no longer the swing producers they were only two years ago."
In its meeting Thursday in Vienna, the Organization of the Petroleum Exporting Countries failed to agree on a new production ceiling and therefore did not change its oil output policy. The cartel has been pumping oil at record levels despite the drop in global crude prices that began in 2014...............................................Full Article: Source
|