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OPEC Becomes Relevant Again - November 30, 2014

OPEC Becomes Relevant Again - November 30, 2014

5 Years ago | November 30, 2014 00:00:00



No Change in Oil Supply Levels
It was not unexpected last week, but the markets reacted strongly to the OPEC decision to keep its production levels steady. OPEC complained that it has not been behind the increase in global oil supplies, but seemed to be complaining that producers such as Russia and North American producers are not about to cut their production to support OPEC producers.

Saudi Arabia clearly send a message to OPEC and others that they are not prepared to cut production on their own to support the industry. Their goal seems to be to put pressure on the high cost producers in the medium term. In the short term, that only means that oil prices should fall. This should be a global economic stimulus.

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