Home Oil Anticipation: 20th May 2018 – Venezuela’s comeback and an oil price decrease

GEAB 123

The monthly bulletin of LEAP (European Laboratory of Political Anticipation) - 15 Mar 2018

Oil Anticipation: 20th May 2018 – Venezuela’s comeback and an oil price decrease

No one needs expensive oil[1] and we anticipate that oil prices are about to drop significantly and sustainably in the coming months. Read on for the reasons behind this anticipation.

OPEC stops controlling oil production

Since the main topic of this GEAB number is the dissolving of supranational systems, we will start with the anticipation that OPEC will cease to exist by the end of 2018. We have always said that the production reduction agreements of OPEC were the only reason why oil prices had gone up. Now we believe that OPEC played its role at the appropriate time, but times are changing now. OPEC itself is declaring a return to market stability by the end of 2018, marking a real success in its efforts to reduce the supply surplus. Mission accomplished, OPEC can call it a day with its head held high. As for the USA, it continues to work towards lowering prices by constantly announcing increases in production, new extraction potential etc., partly undermining the price support efforts of OPEC[2].

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