The Opec oil cartel no longer exists in any meaningful sense and crude prices will slump to $50 a barrel over the coming months as market forces shake out the weakest producers, Bank of America has warned.
Revolutionary changes sweeping the world’s energy industry will drive down the price of liquefied natural gas (LNG), creating a “multi-year” glut and a much cheaper source of gas for Europe. Francisco Blanch, the bank’s commodity chief, said Opec is “effectively dissolved” after it failed to stabilize prices at its last meeting.
“The consequences are profound and long-lasting,“ he said.
The free market will now set the global cost of oil ...
I wonder if Citizen Warrior will ever do the right thing and amble his hippie ass over here to issue an apology to me.
I told him this would happen and how.