Opec a shadow of its former self
Times LIVE-The Sunday Telegraph
In 1976, Saudi Arabia's former oil minister, Ahmed Zaki Yamani, stormed out of the Opec gathering early when other members of the cartel would not comply with the wishes of his new master, King Khaled.
The 166th meeting of the group, in Vienna next week, is looking like it could end in a similarly acrimonious way, with Saudi Arabia and several other members at loggerheads over what to do about falling oil prices.
Whatever action Opec agrees to take to halt the sharp decline in the price of crude, experts agree that one thing is clear: the world is entering an era of lower oil prices that the group is almost powerless to change.
This new energy paradigm might result in oil trading at much less than the $100 (R1100) a barrel that consumers have grown used to paying over the past decade...
Nov 24, 2014