Why OPEC has little effect
Entry posted by Top Oil Trader ·
The fact that Qatar will leave next month, will be a blow for OPEC. This will weaken them in their ability to enforce production cuts from all its members. Lets also remember US is investigating OPEC for price manipulation. Russia is not part of OPEC and can refuse to cut production. Shale oil is getting more efficient, selling oil at $10 under par. In Canada its now $43 under par. Bottom line is, oil prices are in a free fall.