Things are looking bleak for the oil industry – persistent oversupply as producers battle for market share in the face of weaker demand growth has lead companies to slash exploration and development budgets amid forecasts of persistent low oil price. Does the experience of the price crash in 1998 – 1999 hold any lessons? Read Do Oil Companies think it is 1999?
OPEC can afford some of the best minds in the business to guide their strategy. However, we suggest the plan they have mapped out is less about setting US shale oil back, than a replay of what they learned in 1999. Read Learning from the past - OPEC's real strategy.