The Financial Times published on January 21st: „ Abdalla El-Badri, Opec secretary-general, told a panel at the World Economic Forum in Davos that cutting output to stabilise prices was not a viable strategy for the oil cartel, which has sought to retain market share in the face of surging non-Opec supply. “If we [had] cut in November, we would have to cut again in March and June and again,” said Mr El-Badri. “Non-Opec would keep on producing and replace us.”
He added the move to protect Opec’s market share was not directed to any one country. “It was a pure economic decision,” he said. “I don’t understand, everyone is crying [and saying this was a] decision against the US, [it is a] war between Saudi and US. It is all nonsense. It is the logic.”
In his current talks with ENERGLOBE, Carlos Pascual, former leading US energy diplomat points to this “logic”, which at its core is about the struggle for the energy markets of Asia.