Oil prices seek direction in advance of OPEC meeting this week

OPEC still believes that it can direct oil prices. If that was really true then they did an outstandingly horrible job of it. Just judging by the swings of the last 30 months. OPEC has lost it’s Mojo long ago. The oil market is way more diverse than just a couple of producers in the Middle East today. And unconventional reserves have transformed the biggest fuels market on Earth into almost self-reliance. Try as you want OPEC but the oil market does not care too much anymore.

Linkedin Thread