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The oil bears are gaining leverage over the bulls as confidence in the stability of crude prices continues to wane. But to what degree can US production meet additional OPEC cuts and when will the market rebound?
Cuts in crude oil production by OPEC – plus some from its allies – and the boost in oil prices are proving highly beneficial to producers in the US, who are now able to restore reductions in their output forced on them by last year’s low prices
Since the 1973 Oil crisis the role of OPEC in setting and maintaining oil prices has been of significant interest, But, just how much influence do OPEC announcements have on oil prices?