Could the next year finally belong to the OPEC?
The OPEC meeting last week virtually gave a free hand to the OPEC members to increase their output. Contrary to expectations of an output cut proposal by Saudi Arabia, the OPEC was actually permitted to pump more oil. One argument can be that with just about 33% market share, OPEC has limited influence on oil supply and prices. But more importantly, this also helps the OPEC achieve its long term goal of making oil extraction unviable in most of the developed world. Continue reading