Well, if it’s the end of May, it must be time for another OPEC meeting. And sure enough it was. Yet again, the representatives of the OPEC nations got together in beautiful Vienna (I hear it’s tremendous in the spring) to decide the future of the oil industry and set the course for everyone’s favourite and most hated commodity for the next few hours, days, weeks and months. Joining the OPEC flashmob this time were members of the non-OPEC nations who were participating in the first round of production rollbacks agreed to last November. At issue: so, we agreed to these cuts, and the price went up but those tight oil guys are making swiss cheese out of the West Texas desert and lately the market seems to be slipping. What next? What did they decide? Before we get to that answer, let’s do a quick review of where […]