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Oil prices continue to tank in spite of OPEC’s grandstanding

Author Name: MP Rana



The drop in Oil prices does not seem to abate as the price stood at near $40 a barrel in spite of OPEC announcing the most significant cut in production in its history. If the leaders at OPEC had hoped that they would be able to stop the stride then their efforts seem to have virtually no effect.


The deepening recession is not helping the cause of Oil producing countries and with experts doubting OPEC’s ability to cut production at short notice, the prices are expected to remain low.


For its production cuts to come into effect the OPEC members who are know for their fractious nature will have to enforce compliance.
 
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