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OPEC Just Turned Oil Markets Around – and No One Noticed

Wednesday, November 9, 2016 9:25
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OPEC Just Turned Oil Markets Around – and No One Noticed

As I predicted, there will be no agreement on capping oil production coming from the current International Energy Forum (IEF) summit in Algiers.

Now, pundits had been looking for a “bottom line” coming out of Algiers, one that would telegraph an agreement to freeze (or cap) oil production.

This was never how it was going to play out.

With national priorities varying across the board among both OPEC members and primary non-OPEC producers (led by Russia), no consensus on a final accord could possibly be worked out during just three days of meetings.

So the media have reacted, and declared that Algiers was a complete failure.

But that’s not true either.

In fact, the Algiers meeting marked the beginning of something huge.

Something that will change the face of oil markets forever…

Tags: Oil

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