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In recent weeks, oil prices have dropped because of increased OPEC and non-OPEC production.
There is the possibility of a price war between OPEC and non-OPEC producers.
Fig. 5 Trend of World Oil Production by OPEC and Non-OPEC.
"The market doesn't distinguish between an OPEC and a non-OPEC producer," he says.
But OPEC cannot rely on non-OPEC producers to prop up prices in the future.
"That looks bad in front of OPEC and the rest of non-OPEC.
Regime change for OPEC?
INSIDE TRACK: Step back, OPEC.
Norway rebuffed OPEC.
What OPEC does matters".
This gives OPEC pricing power".
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CEO of Professional Science Editing for Scientists @ prosciediting.com