OPEC has managed to shoot itself in its feet with a new string of “ enlightening ” statements.Just some time back OPEC, president Chakib Khelil had found biofuel use as contributing to rising oil prices in addition to “ geopolitical worries ”( rational behind this is anybody’s guess ! ). Now,with the recent easing in oil prices , the windfall profits being raked in by OPEC have taken a significant hit. Nobody likes less money , certainly not the rich ! And thus OPEC has highlighted that the market is seeing an excess of oil supply , an estimated million extra barrels a day, that is actually pushing down the prices. Thus in order to remove this surplus oil , OPEC wants to cut down production. This in turn would effectively mean that the prices may not come down any further .
