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2015-09-01 18:50:00

OPEC GAINS 2016

OPEC GAINS 2016

While OPEC's fight to snatch market share from rival oil producers might look like a costly failure as prices languish below $50 a barrel, an entirely different picture could emerge next year.

Supplies outside OPEC are expected to contract in 2016 for the first time since 2008, sliding by 200,000 barrels a day, according to the International Energy Agency. With consumption set to grow by 1.4 million barrels a day, OPEC and its de facto leader Saudi Arabia could seize the chance to broaden their market as competitors damaged by the price slump fall off.

"To declare their policy a failure is a pretty big leap,"…

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Tags: OPEC, OIL, PRICES
Chronicle:
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