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Oil Patch: As Crude Prices Waffle, Eyes Turn to OPEC

Posted on October 13, 2008

Is OPEC back in the drivers seat?Back in control? (AP)Now that the dance between oil supply and demand seems to have supplanted speculators, currency plays, and tarot card readings as the main drivers behind the price of oil, OPECs influence looks to be on the rise again. Just a few months ago, when the oil cartel was powerless to bring runaway prices down, oil analysts were preparing OPECs epitaph. The Petroleum Economist wondered at the beginning of the year what the point of OPEC was anymore: What is the cartel for, if it is not to influence the market? The Middle East Economic Digest noted...

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demand , economic