Publications: Notes at the Margin

Best to Be Lucky: OPEC's Successful Defense (June 1, 2015)


OPEC nation representatives will gather in Vienna this Friday. Those who backed protecting the organization’s market share will be in a celebratory mood. Their elation is justified as they have succeeded in preserving OPEC’s market share as a whole and that of the key Middle Eastern countries in particular. Their triumph stems mostly from the impact of lower prices on fracking and the recent strong growth in key US economic sectors. In addition, the US Environmental Protection Agency just boosted oil demand by reducing the amount of ethanol that must be blended in fuel. This week's report delves into the reasons for optimism at OPEC.


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