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Thursday, 1 June 2017

OPEC Can Still Do What It Takes to Prop Up Oil - Bloomberg

OPEC Can Still Do What It Takes to Prop Up Oil - Bloomberg:

"“We’re going to do what it takes,” Khalid Al-Falih, Saudi Arabia’s energy minister, said in March. But by agreeing to an unexciting extension of cuts on May 25, the Organization of Petroleum Exporting Countries is merely tinkering. Unless the group acts decisively, it faces a slow process of attrition in rebalancing the market.

But it can act decisively in two directions: much deeper cuts, or a longer-term commitment to higher output to scare off competitors."



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