OPEC’s pyrrhic market share victory

摘要

Strategy, what strategy? OPEC’s decision to defend its market share by opting for freewheeling production appears to be working. It was only a few months ago the International Energy Agency said the market was “drowning in oil” and prices plummeted to less than $30/b. Fast forward to July and the IEA said there had been an “extraordinary transformation” from a major surplus in the first quarter to near-balance in the second.