OPEC (Organisation of Petrol Exporting Countries) has simply extended its last deal until March 2018, but does this really change anything ?
Market Oil Prices have been controled to a certain extent in the past by Saudi Arabia, but this is financially costly ! Another key factor is whether the volume of oil produced by the 12 member countries of OPEC, can and is effectively controled. Have any sanctions ever been imposed, if the volume of oil production of a country has been too high ?
There are also other non OPEC Oil Producing countries in South America, as well as Russia and the USA which produce Oil profitably.
Added to this is the certainty, in the next 5 to 10 years, electric cars will be mass produced ! This will severely affect the sales of Oil and Petrol.
One can therefore, also anticipate that Oil producing companies may well want to invest some of their billions of Dollars of oil sale profits, to become a part of the chain of future Electricity Suppliers !