OPEC Output Surge Fails To Rein In Prices
OPEC production registered a healthy rise in August. But surging seasonal demand within OPEC blunted the impact of buoyant output levels on exports. And prices continued to rise, seemingly oblivious to what was the second highest monthly OPEC production since October 2008.
OPEC Basket prices have been above $105/B since 6 August. The market’s late June flirtation with sub-$90/B levels appears firmly...