Tighter production targets have failed to lift the price of oil
Demand has risen more slowly than at any time since the financial crisis
MEMBERS OF THE Organisation of the Petroleum Exporting Countries, or OPEC, live in a state of uneasy anticipation. Concern about climate change may mean demand for oil wanes in the coming decades. OPEC’s power in oil markets is fading fast. On November 13th the International Energy Agency (IEA), an intergovernmental forecaster, predicted that by 2030 OPEC and Russia, an ally, would pump just 47% of the world’s crude. Yet OPEC has a more immediate problem at hand.
This article appeared in the Finance & economics section of the print edition under the headline “Under pressure”
Finance & economics November 16th 2019
- America’s public-sector pension schemes are trillions of dollars short
- Tighter production targets have failed to lift the price of oil
- The Trump administration is trying to reforge carmakers’ supply chains
- The case for a falling dollar
- The improved mood in financial markets
- Some Chinese firms turn out to have lied about their state pedigree
- Stiff sentences for bank fraud capture Italy’s sour public mood
- How Jim Simons became the most successful investor of all time
From the November 16th 2019 edition
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