The Americans are out of Saudi Arabia and in Iraq. Libya is trying to turn a new leaf. Nigeria and Venesuela keep going to hell in a handbasket without ever quite getting there. So what’s on OPEC’s mind these days? Money, baby!
Here’s a transcript from their current meeting:
Even if we could make a significant and immediate increase in supply now, we would be reluctant to do so. This is because OPEC views oil market dynamics as a continuum which extends beyond immediate short-term concerns and embraces likely developments months and perhaps even a year ahead. Our projections indicate that there will be a significant surplus of oil in the second quarter of this year, and, if this is not handled in a timely and effective manner, there is likely to be excessive downward pressure on prices, leading to a protracted spell of volatility in the market, which will be in nobody