OPEC expressing “grave concern” that the world’s recovery from the current financial downturn will be slow and uncertain must put it in contention for ArabianOilandGas.com’s brass neck of the year award.
With the oil price currently hovering around the US$70 a barrel mark, despite a massive drop in global demand, there must be more than a few members of the oil cartel rubbing their hands with glee and making plans on how they are going to spend 2009 budget surpluses they never expected to have at the start of the year.
Many independent analysts have said that if oil was traded in the same way as gas the current price would be around $30-$35 a barrel. One can only speculate at how much quicker the world would climb out of recession if the major nations were paying those kind of prices for oil.
Still, you can’t blame OPEC. An oil cartel wanting lower oil prices would be akin to a turkey voting for Christmas. And ArabianOilandGas.com has yet to hear of that ever happening.
What do you think? Please leave a comment with your thoughts.
