OPEC broke off its meeting on Thursday without reaching an agreement on oil production, continuing a hands-off policy that members say could set up a new test for the group’s relevance: supply shortages.
With oil prices up about 80% over the past few months from 13-year lows hit in the winter, there was little pressure on the Organization of the Petroleum Exporting Countries to take significant action to curb the world’s huge oversupply of crude, national energy ministers said after the meeting.
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David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
