OPECs controversial decision to maintain a formal production level of 30 million barrels per day was taken on the grounds that weak demand was temporary because of slow economic growth and would recover next year. Second, the argument went, lower prices would close high-cost production from the shale technology revolution. Those with a knowledge of oil market history will see this as a very dangerous gamble based on two serious misconceptions...
Posted on: Mon, 01 Dec 2014 15:28:39 +0000
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