Paul Stevens

Nota: Este archivo abarca los artículos publicados por el autor desde el 1 de abril de 2009. Para fechas anteriores realice una búsqueda entrecomillando su nombre.

News that an agreement to cut OPEC production was reached came as no surprise, as the hype surrounding the November 30 meeting would have led to a price collapse if a deal was not struck, especially in light of the Algiers agreement to cut back in September.

Fear of this potential collapse was sufficient to sideline the real and deep divisions between Riyadh and Tehran that go far beyond oil. Some form of agreement, no matter how anodyne was essential and, as expected, the market immediately responded positively with typical irrational exuberance as Brent quickly moved above $54 per barrel.

But a more careful reflection suggests that the deal is unlikely to support prices much higher for any period of time, due to several factors.…  Seguir leyendo »