OPEC countries is going to meet
to talk about Production limit or Oil output freeze but it is bound to fail.
Libya, Iraq, Iran are some of the countries going to oppose it. Even Saudi will
not support it as they want to maintain the market share. The purpose of OPEC
countries to dent Shell gas producers hard for few years so that they close
their shop before member countries makes any attempt to reduce the supply.
At the same time, Russia is very
aggressive in the market place and any deduction in oil output is going to give
Russia an opportunity to grab market share.
Post the OPEC meeting, Oil price
may correct around 10 to 15% which inturn help India to reduce India its import
bill.
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