Is OPEC in Control of its Members?
The Secretary-General of the oil producers' group, OPEC, has told Business Daily that the global recovery is still fragile, which will affect demand for energy. Abdalla El-Badri admitted to Lesley Curwen that OPEC producers have increasingly flouted production targets and churned out more oil than agreed.
The question is whether OPEC is losing control of its members. Abdalla El-Badri said that there were no sanctions available to make members stick to production targets: they were ruled by a gentlemens' agreement, and he would be urging oil ministers to abide by decisions taken at meetings.
He expressed concern about the possibility of a glut, which could depress prices and leave producers without the money they need for vital future investment.
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