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OPEC’s Dilemma

OPEC’s Dilemma
A worker at the South Pars gas field in the port town of Asaluyeh, Iran. Atta Kenare/AFP/Getty Images
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Oil has made a spectacular comeback this year, rising from $60 per barrel at the beginning of the year to $77 in June. Regardless of what the price is, however, it never seems to be right.

When it’s below $50, the producers like Russia and Saudi Arabia are crying that it’s too low. When it approaches $80, the consumers, like Europe and the United States, say it’s too high.

Daniel Lacalle
Daniel Lacalle
Author
Daniel Lacalle, Ph.D., is chief economist at hedge fund Tressis and author of the bestselling books “Freedom or Equality” (2020), “Escape from the Central Bank Trap” (2017), “The Energy World Is Flat”​ (2015), and “Life in the Financial Markets.”
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