Is It Time For OPEC To Turn The Taps Back On?

Russia’s Energy Minister Alexander Novak said earlier this
week that he’d spoken with his Saudi counterpart about the
possibility of another extension to the OPEC-non-OPEC crude oil
production deal; oil prices rose. Industry observers once again
reminded us that there aren’t any new options for OPEC and its
partners: they can either keep on cutting and lose market share, or
they can turn the taps back on and bring prices down. Bloomberg
Gadfly’s Liam Denning argues that the second scenario is the only
one that could work…

Russia’s Energy Minister Alexander Novak said earlier this
week that he’d spoken with his Saudi counterpart about the
possibility of another extension to the OPEC-non-OPEC crude oil
production deal; oil prices rose. Industry observers once again
reminded us that there aren’t any new options for OPEC and its
partners: they can either keep on cutting and lose market share, or
they can turn the taps back on and bring prices down. Bloomberg
Gadfly’s Liam Denning argues that the second scenario is the only
one that could work…