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Opec strategy to go full throttle begins to backfire

Thu, Aug 20, 2015 - 5:50 AM

Stacked rigs at a depot in Dickinson, North Dakota. American oil production has stubbornly refused to buckle despite the Opec plan to squeeze rivals led by US shale drillers.

PHOTO: REUTERS

New York

THE costs of Opec's plan to protect members' share of the oil market by out-producing rivals are mounting.

As oil prices slump to six-year lows, the risks of worsening political turmoil are rising in the organisation's most vulnerable nations. This includes Algeria, Iraq...

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