REUTERS/Faisal Al Nasser OPEC’s decision at its semi-annual meeting in Vienna on Friday not to cut production but to legitimize its overproduction shows that the group is determined at any cost to recover the market share it lost to producers outside the cartel, particularly those drilling for oil in the United States. Which means that the world can probably expect oil prices to remain low for some time. Traditionally, OPEC members have produced about 40 percent of the world’s crude oil, bu...
REUTERS/Faisal Al Nasser OPEC’s decision at its semi-annual meeting in Vienna on Friday not to cut production but to legitimize its overproduction shows that the group is determined at any cost to recover the market share it lost to producers outside the cartel, particularly those drilling for oil in the United States. Which means that the world can probably expect oil prices to remain low for some time. Traditionally, OPEC members have produced about 40 percent of the world’s crude oil, bu...
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