Opec powerless to halt oil price slide, warns former group president
Opec veteran says that current oil prices slump has exceeded the worst expectations of the group
By Andrew Critchlow, Commodities editor: 24 Aug 2015
Opec is powerless to arrest the slide in oil prices unless producers outside the group such as Russia match any cuts in output, according to a former president of the group.
With oil prices plummeting due to global oversupply, theOrganisation of the Petroleum Exporting Countries (Opec) would be unable to stabilise the market on its own, Abdullah bin Hamad Al-Attiyah told The Telegraph on Monday. The group – which is mainly comprised of Middle Eastern and South American oil producers – would need agreement from other oil-producing nations.
The TRUTH will set you FREE.
No comments:
Post a Comment