OPEC oil ministers meeting in Vienna on Thursday are in a bind. Prices are plunging — and in the short term, the cartel may not be able to do much about it.
OPEC Secretary General said during a press conference after the OPEC meeting on Thursday that “the decline of the oil prices does not reflect the fundamental change”… He added that OPEC has no target price set for a barrel of oil, but the ministers are looking for a fair price.
CNN said the oil industry has moved in to a new era, with Chinese demands dropping, European demands dropping, US Shell production on the rise and the Russia producing nearly 10 million barrels a day, OPEC has changed its strategy to not to support the market and letting the prices drift to a four-year low right after the Secretary General’s announcement.