Last week’s OPEC meeting could be construed as heralding the beginning of the end of Middle Eastern oil exporting dominance. As Assistant Editor of the Daily Telegraph Jeremy Warner suggested, low oil prices are a reflection of the extraordinary lengths the cartel is going to try and retain its grip on a market it looks increasingly nervous about losing a sizeable share of. It is, he suggests, a reflection of the cartel’s diminished power.
But will it work?
For OPEC, the challenge lies in ensuring discipline amongst membersVicente Lopez-Ibor Mayor