WHAT WOULD BE OPEC’S  NEXT MOVE?

So, the game is still on. Now its OPEC’s turn to make the next move. US Senate has lifted the 40 year old crude oil export ban to re-energize its domestic oil market. As a result there is more glut or in other words a highly satiated global oil market. Refined oil was already being exported from US, but now like any other oil producing country, US is going to export crude oil to the world. Though chances of oil prices crossing $60 or $70 have become thinner, US oil producers will benefit as now WTI price will not fall below their cost of production. Thus US shale oil producers are trying their best to improve margins. What is to be seen next is how OPEC is going to defend its market share globally. For oil importing countries like India, Make Hay Till the Sun Shines.