Oil price management: Why OPEC needs a real gulf crude market

Centre for Global Energy StudiesLondon The Organization of Petroleum Exporting Countries finally seems to have realized that it needs to find a more effective way to manage the oil market if it is to achieve its price objectives.Over the past 4 years, oil prices have lurched from crisis to crisis in a boom-and-bust cycle that is a direct result of OPEC's failure to react promptly to clear market signals (see chart in preceding article, p. 90).By waiting until prices fall below $10/bbl or surge above $30/bbl before adjusting output, OPEC has contributed to the volatility that it claims to abhor. Now, however, OPEC says it wants to vary supply more responsively so as to keep oil prices...

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