| In 2014, the Organization of Petroleum Exporting Countries (OPEC) declined to reduce oil production in the face of falling prices. Last month, at a meeting in Algiers, OPEC went in the opposite direction, setting out a goal of capping production collectively at 33 million barrels per day.
Why the change of course? And does OPEC’s most recent pronouncement carry any weight? A recent report from the Center on Global Energy Policy at Columbia University, and authored by Antoine Halff, director of the center’s Global Oil Markets Research Program, provides some perspective...........................................Full Article: Source
|