Watching the World: In bed with the bear

The CEOs of the major oil companies are often asked where they see the world oil price heading. And they always give an answer something like, "There is nothing to be gained trying to second-guess the market. What is more important is stability."However, stability is something that has been lacking in recent weeks.The price of oil has been steadily falling and the Organization of Petroleum Exporting Countries has been cutting production in an attempt to keep prices up, a tactic that would work under normal circumstances.OPEC has always taken the view that as long as it had most of the cake, it doesn´t really matter how big the cake is.But the emergence of a capitalist Russia has cha...

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