Many members of Opec have suggested this might be the time to cut oil production to force prices higher – but Saudi Arabia isn’t listening
Opec’s annual tour of the horizon, a publication called World Oil Outlook, is not about predictions, says the group’s secretary general Abdalla Salem el-Badri in the introduction to this year’s edition. This is just as well since last year’s failed to inform us that the price of oil was about to halve.
The arrival of sub-$40-a-barrel oil has caused more than a few members of the cartel to splutter about the need to cut production to force prices higher. So far, Saudi Arabia isn’t listening.
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