OPEC wants to be perceived as part of the solution, not part of the problem.
If demand continues to be strong we are going to be struggling. OPEC appears to be taking the view that the risks are weighted more to the upside than the downside.
If you gave oil companies a choice between the tar sands in Canada or oil in Saudi Arabia, which do you think they'd choose?
But they don't want to send the wrong signal to the market. They want to continue a loose supply policy, meaning that if there's a crude problem, which there isn't now, they can supply it.
High prices have given all producing countries a lot more leverage.
I work them really endless hours.
(March 25, 1965 - )
Amy led the drive to improve efficiencies, modernized the exchange's financial systems and processes, and helped reinvent our business and pricing models. I am especially grateful to Amy for her invaluable work on the NYSE/ Archipelago merger.
Things turn out best for people who make the best out of the way things turn out