Global Energy Center Nonresident Senior Fellow Brenda Shaffer writes for FOX News on the behind the scenes oil drama going on outside of OPEC’s boardroom:
For the second time in two weeks, Europe will host a meeting of a controversial international organization whose decisions are closely followed by citizens globally. But, in a telling sign of the world’s fundamentally changed economic structure, the gathering of the International Federation of Football (FIFA) leaders last week will arguably have a greater impact on the world than the meeting of the Organization of the Petroleum Exporting Countries (OPEC) leaders on June 5.
OPEC summits used to be dramatic events – just the anticipation of production cuts or policy shifts would often rattle the global oil price. In contrast, the big result from last fall’s summit was…nothing. The organization abstained from taking action, despite the cascading oil price. A very similar result is expected at this week’s meeting.