Standing at a distance, OPEC's agreement looks fragile at best, unenforceable at worst. Translation: Oil prices are likely to continue to decline over time.
Saudi Arabia's oil minister is disconnected from the new reality, claiming that OPEC will be able to stabilize markets and raise prices.
The coming renaissance in energy will likely exceed most observers' expectations, as Donald Trump is picking persons for his administration who will allow the energy sector to breathe.
At noon on Wednesday crude oil futures touched $45 a barrel on news that inventories soared last week by the most in 34 years, and the futures market is likely to continue its breathtaking selloff to $40 and perhaps even lower.
OPEC is in a game it initiated and that it can't win and can't quit. In the process, OPEC is becoming increasingly irrelevant while U.S. producers are pushing ahead.
Hoist by their own petard? (A petard is a small bomb used to blow up fortifications, an especially apt expression at this moment.)
The United States’ first offshore wind farm is going to cost about $17,600 per home it will power and do little to reduce either electric rates or carbon emissions.
Saudi Arabia’s Energy Minister Khalid al-Falih said Monday that OPEC will likely agree on production cuts and that crude oil prices could hit $60 a barrel by the end of the year.
Wednesday’s announcement from OPEC about an agreement to cut production to shore up crude oil prices was met with both delight and scorn by observers.