No Cuts In Oil Production: OPEC
By: Ainsley Brown
The Organization of the Petroleum Exporting Countries (OPEC) announced that there will be no cut in oil production.
This is a status quo-hold-wait and see strategy by OPEC. By keeping oil production as is OPEC hopes to keep oil prices at exsting levels in the further hope that this will have no adverse effect on any pending global economic recovery and or ideally accelerate such recovery. And why?
This seems oh all so nice on the part of OPEC, doesn’t?
Well this gesture is far from being altruistic – quite the opposite.
As can be expected self interest rules the day. With an economic recovery will come greater demand and with greater demand will come higer oil prices and greater revenues.
For OPEC this is an old tried and true tactic, the queston now is given the current state of the global economy and the strength of the green movement will it work it the long term?
