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Oil Price Slumps And OPEC’s Impossible Dilemma
...an idea that only four or five years ago would have been regarded as lunatic. The in-joke last year among oil market watchers was that North Dakota would be the next member of OPEC. In 2011, North Dakota produced more oil than OPEC’s Ecuador! Thus the dilemma is simple. OPEC co...
Volume: 55Issue: 38Published at Fri, 14 Sep 2012 -
A Lesson Learned?
...an current demand. If their demand estimate for 2011 were adjusted downward by the 10% suggested by the 1980s experience, with a resumption of a 1% growth thereafter, the requirements for OPEC crude would be reduced to the point that the OPEC members would again be squabbling and cheating on qu...
Volume: 51Issue: 38Published at Mon, 22 Sep 2008