Does the World Need More Oil?
... could convene an emergency meeting before October and quickly redistribute its internal quotas, taking into account the imbalance of market supply and demand, as well as the lifting of sanctions against Iran. This would deliver an interesting scenario: OPEC will control the important market player that is Iran, and the latter would no longer be able to increase oil exports at will. Some experts predict a recession in China; others believe that we have witnessed a natural correction or slowdown, rightly arguing that no economy can grow at such a rapid rate forever. Second, due to rising prices, many countries will have fewer reasons to further increase production,...