12 Dec, 23

OPEC May May Need 5-Year Plan To Prevent Oil Price Collapse

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Soaring supply from the United States and other non-OPEC+ oil producers could force the OPEC+ group to continue carefully managing its supply to the market for the next five years to prevent a collapse in oil prices, analysts at Rapidan Energy Group say.   “For the next several years, at least, continually unified, vigilant, and effective OPEC+ supply management will be required to prevent a collapse in oil prices,” Rapidan said in a report carried by Bloomberg. Oil supply from the U.S., Brazil, and Guyana is rising much faster…

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