John K. Defterios, Anchor and Emerging Markets Editor, CNN International speaks during the 2012 of the World Economic Forum at the congress centre in Davos, Switzerland, January 27, 2012. (Wikipedia/Michael Wuertenberg)
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There is a new attitude emerging from OPEC – one that is much more collegial in nature with a common goal – that is being driven by the group's largest producer Saudi Arabia.Falih has been with Saudi Aramco since 1979 where he remains chairman of the globe's largest oil company as it prepares to float up to 5 percent of the group over the next 18 months.Gone are the threats of flooding the market with crude that we heard ahead of the Doha meeting that brought together OPEC and non-OPEC producers in a fruitless effort to freeze production. Yes, the kingdom will sustain production capacity of 12.5 million barrels a day, but don't expect an expansion of output, which hovers around 2 million barrels below that level.Falih believes the market is starting to rebalance itself due to the fall in non-OPEC production; so immediate action was not needed despite efforts by Saudi Arabia and others to float different ideas to reduce production.
U.S. president’s uneasy alliance with OPEC
Shock and awe in Saudi Arabia
of the GCC
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