OPEC price defense the group's long-run threat?

The Organization of Petroleum Exporting Countries faces daunting challenges in managing oil markets in the short term as well as the long term.While the short-term outlook is more readily definable, it nevertheless presents a serious challenge to the group: whether or not to simply roll over quotas in December in order to keep oil prices (OPEC basket) near $25/bbl. Now that the main market driver from the geopolitical side has become more attenuated with the US initiative against Iraq getting bogged down in the United Nations, managing the market becomes a case of "calibrating" quotabreaking to match expected winter demand. So far this year OPEC's cheating has kept the US-Iraq "war pr...

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