Opec’s Saudi Arabia-driven policy of maximizing market share at the expense of revenue is economically illogical. The policy has been driven by political motives. Opec members’ revenue losses resulting from the oil price collapse since late 2014 far exceed any likely long term gains from increased market share.
By - Behrooz Baik Alizadeh*
 
It is a very common belief that oil is a strategic commodity. It is strategic because modern life is completely dependent on oil and...