OPEC still lives under the impression that they can control markets. Nothing that happened over the last 10 years provides clues to confirm this, but they don’t lose faith. Such refusal to face the obvious is admirable even if its also a bit childish. I don’t like what I see, so I will pretend it does not exist. Like a child that sings loudly in order to not hear what it does not want to hear. Except that – this is not a child. This is still the premier oil cartel. There are lots of people which take whatever they say at face value. An opportunity for those with eyes to see – maybe?
Goldman Sachs expects OPEC to succeed in clearing what it has deemed excessive oil supply by April, when the latest production cut deal will be reviewed at a meeting of the cartel and its partners.