Will OPEC Have Staying Power

In November, OPEC and NON-OPEC producers agreed to a substantial cut to reduce global inventories, and bring stocks into balance.  While there are reports that the organization is 92% compliance, imports from January have yet to show up on U.S. shores. Meanwhile, U.S. fracking producers, who have higher costs have stepped in and are attempting to fill the void which OPEC is on the sidelines while prices remain above $50.  OPEC’s…