The only option left for Opec to revive oil market is shock and awe

The only option left for Opec to revive oil market is shock and awe

Enough of this drip-feed of trying to slowly whittle away oil inventories. If Opec wants to bring down excess stockpiles, it needs to find its courage when it meets on Thursday, dust off its old playbook and make a big cut as it did in the past.

“We’re going to do what it takes to bring the industry back to a healthy situation,” Saudi Arabia’s Energy Minister, Khali Al-Falih, said in a Bloomberg Television interview in Washington back in March. Nice words, but it’s going to take a lot more than words to get oil inventories, or prices, back to where Opec wants to see them. Read more

Credits:economictimes.indiatimes.com

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