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This is a follow-up article on some recent news regarding the oil cartel OPEC. Many of the members are complaining due to the falling prices for oil and lack of production adjustment to stabilize the oil price. At this time it’s a good reminder to understand why OPEC was created. It was founded to leverage members’ collective output to control global oil prices. Saudi Arabia is considered as the leader of the group specifically due to is dominance as the top oil producer. They also have in the past brought the group members together in times of falling oil prices to form a consensus and stabilize the variation in oil prices and production.
I look again for the leadership of the Saudi Arabian producers to handle this latest of many oil price wars and bring more stability into the market. Since the lead time for production flow is not immediate, look for some stability to occur over the next several weeks and return to normal by the end of November.
Article Link: http://www.marketwatch.com/story/split-between-opec-producers-deepens-as-oil-prices-fall-2014-10-13
Gary Kapanowski – Lean Six Sigma Master Black Belt – Excelsior
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