The failure by OPEC and non-OPEC oil producers to reach a deal in Doha last Sunday to freeze output took some crude market players by surprise.
A fraught geopolitical relationship between Saudi Arabia and Iran was one reason to doubt a deal would be done. More importantly, the failure to reach an accord reflects the big shift in long term oil market fundamentals. This shift means market share is the objective of oil producers, both inside and outside OPEC, ability to control the price of oil by freezing or cutting output.
In this new whitepaper,John Richardson, ICIS Consulting & Analytics and co-author of the new ICIS-IeC study argues the collapse of the Doha talks was easily foreseen.
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