OPEC hewing to defense of price vs. market share

Are markets assured of high oil prices for the next 5 years or so?The Organization of Petroleum Exporting Countries has readily ceded market share to the likes of Russia and other non-OPEC oil exporters this year, preferring to defend its oil price target rather than fight for market share.And the likelihood is that this strategy will hold for another 5 years, as global oil demand recovers from its recent collapse.That's the thesis put forth by Boston think tank Energy Security Analysis Inc., which notes that that OPEC has made "enormous sacrifices" in market share this year.Price vs. volume"Notwithstanding current cheating above quotas and the likelihood that OPEC will raise quotas t...

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