OPEC not in control
Posted by admin . Published on 10 March 2009, Received
OPEC statements made by various leaders every week last year, used to spike up or down the crude oil prices. Eventually they were able to push the crude oil prices to all time high of 147 dollars to a barrel in early 2008.
But with the world’s largest economies US and Japan crashing like never before, the crude oil prices are also plunging to new lows every month. Now they have reached record lows, and even statements like further cut in production, are not impacting the price.
This only means that OPEC is not now in control of crude oil prices.
Then who is controlling ?. Are the speculators controlling the prices again ?.
