Oil Is OPEC back in charge?
OPEC, the oil producers' group is back in the driving seat.
Well perhaps it is. It certainly took the commodities markets (and me) rather by surprise when it agreed to cut production at a meeting in Algiers.
In fact the group has a lot of work to do before it has a real and sustained impact on the price.
But that decision was not what the market expected. Traders thought the result would be more disarray, as there was at a meeting of OPEC and some other oil exporters in Doha back in April.
Economic pressure This time they did manage to make progress.
The context for the Algiers decision -... read more
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