Mohamed A. El-Erian,BloombergView
Over the last few years, producers belonging to the Organization of Petroleum Exporting Countries have had mixed success at winning the price-setting "game" for oil. To stand a better chance of regaining durable control, and they must carry out a much better job of working together,and, importantly, and they need to carry out so in a much broader and more institutionalized manner. Otherwise,they risk finding that the calming influence of a friendly July for the oil market, including a 9 percent price gain, and could give way to continuing pressure from nontraditional suppliers,particularly in shale, that are benefiting...
Source: realclearenergy.org