Oil Wars: Will the OPEC Cartel Crumble?

oil cartelSaudi, Russian, Qatari and Venezuelan oil barons agreed on Tuesday to freeze output levels if others producers agree. The goal is for the oil cartel, OPEC, to stop the  oversupply of crude and let the oil barons recover from the low prices.

The deal would include OPEC members and nin members, BUT  Iran, Saudi Arabia’s rival, has pledged to steeply increase output in the coming months as it looks to regain market share. “Our situation is totally different to those countries that have been producing at high levels for the past few years,” a senior source familiar with Iran’s thinking told Reuters.  READMORE

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