Coronavirus Reveals OPEC To Be Stuck In Endless Cycle Of Supply Cuts [Forbes]
Exxon Mobil Corporation (XOM)
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Source: Forbes
The members of the Organization of the Petroleum Exporting Countries are scrambling to meet this week in Vienna Oil production cut meetings have become all too familiar for the oil-price cartel, prompting questions of whether its dominant role in global oil markets has changed for good. OPEC has been in a defensive posture since late 2016, when it and some non-cartel allies, led by Russia, intervened in over-supplied oil markets with significant supply cuts to support higher prices and make room for booming U.S. shale production. OPEC, led by Saudi Arabia, has been unable to break out of the cycle of cuts ever since. Now there is talk of OPEC making additional cuts of between 500,000 and 1 million barrels a day lost oil demand in Asia stemming from the coronavirus outbreak A pandemic virus in China, the world’s engine of oil demand growth, may be considered a “black swan” event by some, but it illustrates the dilemma OPEC faces. Oil markets have become hardwired to the downside, and t
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