“Bank of America says OPEC is now ‘effectively dissolved’. The cartel might as well shut down its offices in Vienna to save money. OPEC now faces a permanent headwind. Each rise in price will be capped by a surge in US output. The only constraint is the scale of US reserves that can be extracted at mid-cost, and these may be bigger than originally supposed, not to mention the parallel possibilities in Argentina and Australia, or the possibility for ‘clean fracking’ in China as plasma pulse technology cuts water needs. Saudi Arabia is effectively beached. It relies on oil for 90pc of its budget revenues. There is no other industry to speak of, a full fifty years after the oil bonanza began.”
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