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EDITORIAL
                     
                  OPEC Or Opaque? 

"Get prices down now", Trump to OPEC:

Following the US sanctions on Iran, OPEC the 15 nation group of major oil producing nations, which accounts for 40% of total global oil production, is meeting today in Algeria to discuss something which affects us all, fixing the 'oil prices'. Will OPEC appease president Donald Trump? Since mid-term elections in US is to happen soon and Trump is most concerned about his popularity. Oil prices has increased by 40% in last four years at under 80 dollar/barrel which is  well-short of 2008 peak of 147 dollar/barrel. Trump said, "we protect middle-east companies yet they push for higher and higher prices, OPEC monopoly must get prices down now". Riyadh and the King can hardly annoy US, it's strongest ally. But oil, energy and geopolitical experts from Middle East has another version. For this fuel - price based economic instability, according to one(middle-east)expert, the 'chaos in middle-east was due to US shell industries which flooded the market with more and more oil'. They cite Venezuela as an example for why it is a 'failed-state' today?From the higher prices OPEC countries earn more and more revenue which they further invest in their infrastructure and other development projects. OPEC and it's allies started producing 1 billion barrel of oil per day in June 2018.Saudi Arabia the largest exporter of oil in the world is also the most important ally of OPEC.
                                           Meanwhile Russia states, to be very specific with it's role in global economy, Russia agreed to decrease it's oil production and said that their natural resources has shrunked. Amidst of OPEC meeting today, what will be the future global economy, whether it booms or brusts is in haze for the moment.

                              (Suman Kumar) 

Comments

  1. UnknownSeptember 29, 2018 at 1:03 AM

    Good one..Keep going 👍

    ReplyDelete
    Replies
    1. Newsglobal24September 29, 2018 at 2:36 AM

      Thanks...soon ...I will try come up wd more informative posts.. please keep giving your critical feedbacks....

      Delete

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