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.

A new oil find by the Apache Corporation is exacerbating the failure of OPEC's strategy to flood the market in order to drive out American oil producers, and is a "surprise" to members of the cartel. 

A "head fake" in oil has driven the price of crude above $50 a barrel. 

Despite historically high demand for oil, inventories have never been higher, and experts say oil prices are likely to drop back into the $20 per barrel range soon.

OPEC’s current president, Qatar’s energy minister Mohammed bin Saleh Al Sada, announced Monday that the oil cartel will hold “informal” side meetings at the International Energy Forum in Algeria in late September. Not surprisingly, the topic will once again be “cooperation” among the disparate and increasingly desperate members to restrict production in efforts to force oil prices higher.

 

 

 

 

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