OPEC

Hodel Calls on OPEC to Align with Market Price Level

Former US Energy Secretary Donald Hodel - who is currently Secretary of the Interior - has warned that unless OPEC reduces its official prices to market levels it runs the risk of an eventual price collapse. Speaking on 27 February, Mr. Hodel said that the existence of substantial excess production capacity means that downward pressure on oil prices will continue, and that if the producers hold prices too high for too long, when the...