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Category: Oil Pro News

OPEC Is Not Dead, Just Different

December 15, 2015 Posted by Chris Wysong

From Joseph Triepke, Oilpro Managing Director Good Morning Oilpro Readers. In this oversupplied market, OPEC has been producing 32.1 mmbpd, above their stated quota of 30.0 mmbpd. This context made OPECs meeting last Friday in Vienna a seminal moment in the 2015 downcycle. But al-Badri knocked the wind out of expectant OPEC watchers when he skipped the part about production levels and quotas in his official statement. OPEC appeared to kick the can, rendering quotas meaningless and suggesting that a production free-for-all lies ahead. With delegates unable to agree on virtually anything (we wonder if arguments erupted over the take-out menu as the meeting ran longer than usual), OPEC has reached a stalemate. Each member supports cuts from every other producer, but each will pump near their own max to offset price declines with volume. OPEC, meet capitalism. Capitalism, OPEC. The oligopolys ability to control prices is gone for now as each member acts in their own self-interest in an

Posted in OPEC, Oil Pro News
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