Istanbul: For cartel OPEC—created in 1960 with the aim of supporting a sustainable price on the oil market—it is in some ways a perfect storm. OPEC has no control over the revolution caused by the production of shale oil in the United States, which is not a member of the cartel. But so far, they have had hardly any effect—with oil prices still hovering at 45 dollars a barrel. Meanwhile, an effort to tighten coordination, Barkindo revealed that OPEC had held “very useful preliminary meetings” with US shale producers. OPEC’s own influence has also slipped in recent years and it now counts for just a third of global oil supplies compared with 40% a decade ago.

Source: Mint July 16, 2017 07:30 UTC