OPEC’s Dilemma
Two new dimensions to international oil markets are creating a real dilemma for OPEC and may be sowing the seeds of a major oil price shock. The first is the fall-out from the “Arab Uprisings” that began early in 2011, and the second is the development and application of shale technology – horizontal drilling and hydraulic fracturing or “fracking” – to oil production.
By – Professor Paul Stevens*...