Where’s the floor? Is this the new normal? Answers have proven elusive and predictions unreliable as the oil market continues to lurch to and fro, though mostly down; oil is at an 11-year low . Looking forward, bears and bulls abound – panicky and glued to OPEC’s every, somewhat disjointed move. For its part, the oil-producing cartel is grappling with an existential crisis. To be sure, OPEC isn’t dead and it hasn’t lost its market moving capabilities, but disagreements over how to apply those means – and a creeping suspicion that OPEC and non-OPEC pain thresholds are not mutually exclusive – have fractured the group. As it stands, OPEC is producing roughly 31.70 mbpd – up 1 percent from November, and more than 5 percent from a year ago. Record volumes from Saudi Arabia and Iraq have buoyed production to date, but Iran’s oil industry is heating up as […]