The OPEC Cartel Still Thinks They Are a Monopoly

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In a meeting of OPEC ministers, officials issued a statement boosting production but by much less than anticipated by the market sending WTI Crude Oil prices surging by over five percent. I am not sure how a cartel – which no longer is a monopoly - still has such influence in a global market like crude oil. The U.S.A. is now the swing producer with its massive capacity to drill at a moment’s notice and freedom to export globally. In our mid-year update our 2018 forecast of $60 per barrel will be maintained. Please review our 2018 Forecast and original forecast of $60 per barrel for WTI Crude oil.

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