OPEC meeting shows it is playing long game
The 168th OPEC conference ended with a press conference in which the Secretary General announced, unsurprisingly, no change in OPEC policy.
The only surprise for long-term OPEC watchers was that the report failed to even mention specific production levels. The final report delivered to the media was incredibly concise, even though the closed-door ministers’ meeting lasted an hour longer than expected.
What important lessons did we learn from the meeting?