Following OPEC’s blame-mongering statement earlier today -“observers should not be quick to judge or criticize” the organization – it appears mutiny is occurring within the cartel as OPEC sources report Saudi Arabia threatening to “steeply raise” output following Iran’s refusal to cap output. WTI is tumbling on the news, testing towards a $43 handle. OPEC blames analysts for exposing the cartel’s impotence: At OPEC, we remain deeply optimistic about the possibility that the Algiers Agreement will be complemented by precise, decisive action among all producers — the kind of action that we need in order to see prices supported and short-term volatility avoided. In the meantime, industry observers should remember that they should not be too quick to judge or criticize the Organization or its Member Countries. Over the years, we have seen how wildly inaccurate their predictions have been. What many of them have failed […]