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.
The average man is a conformist, accepting miseries and disasters with the stoicism of a cow standing in the rain.
(June 26, 1931 - )
At twenty a man is full of fight and hope. He wants to reform the world. When he is seventy he still wants to reform the world, but he knows he can't.
(April 18, 1857 - March 13, 1938)
Take the attitude of a student, never be too big to ask questions, never know too much to learn something new.