OPEC will wait until after the U.S. presidential election on November 8 before deciding whether it will invite the US head of state to attend the cartel’s Vienna meeting on November 30, the organization’s Secretary General Mohammad Barkindo
At the meeting in Vienna, OPEC members are expected to discuss and possibly decide on the specifics of the planned
It’s unlikely that the US is waiting by the phone with breathless anticipation for an invite to discuss how the cartel can best manipulate prices upward in lieu of letting the market do the job—an action that goes against the very fabric of the United States’ free market concept.
According to US Energy Secretary Ernest Moniz, the US does
Following the initial cheer to the news that OPEC had reached a deal-to-work-toward-a-deal for the first time since 2008, the market and analysts realized it was a bit early for celebration, given OPEC’s track record of not sticking to its agreements, and various geopolitical power plays within and outside the cartel.
Last week, crude oil prices surged on the words by Russian President Vladimir Putin who said that his country was
On Tuesday, OPEC’s Barkindo
The official also voiced optimism that the cartel would be able to reach an agreement without too much dissent over the production levels that each country should maintain.
Although the deal does not have “exemptions” per se, Barkindo said, as quoted by Reuters:
“The Algiers accord was all-inclusive. All 14 member countries agreed to this ceiling, that gives us flexibility in implementation to take into account the special circumstances of some of our member countries, including Iran.”
OPEC will also have to consider Libya and Nigeria that have been recently increasing their production following months of unrest and conflict. It also has to appease Iraq and Venezuela, which are
By Tsvetana Paraskova for Oilprice.com
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