This seems unlikely, both in the short and long term, and in the context of new energy sources. But there’s always politics It took the better part of a year but the production cut effected by the 14-member cartel, Organisation of Petroleum Exporting Countries (OPEC), in January is beginning to show results. Prices of the benchmark Brent grade crude have shot up by 36 per cent since the middle of this year and went within touching distance of the $65-a-barrel mark before retracing steps in the last few trading sessions. On Friday, Brent was trading in the $61-62-a-barrel range. Exactly a year ago OPEC decided to take 1.2 million barrels a day off the market through production cuts in an effort to bring down output to around 32.5 million barrels a day. The cartel persuaded the 11 non-OPEC oil-producing countries led by Russia to cut collective output by 600,000 […]