KARACHI: Oil prices have not fallen much since the recent meeting of members of the Organisation of the Petroleum Exporting Countries (Opec) in Algiers. One of the reasons is that the Opec deal is only a provisional agreement and needs to be finalised in November. With the likes of Iran, Iraq, Libya and Nigeria to increase production, it will not be an easy matter. Some analysts have commented that this meeting is just a bluff because the history of Opec on cutting production is not very optimistic. There is likely a chance that Saudi Arabia will cut its production but it will only be because there is a fall in energy demand in the winter in Saudi Arabia.
Faizan Muhammad Khalid
Published in The Express Tribune, October 8th, 2016.