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OPEC supply cuts will not work-I: Exogenous disruptions never work, eventually
Dec 11: The real driver of global oil prices is not demand pressure but endogenous supply shocks.
8Exogenous disruptions, like the OPEC deal to keep production capacity out, also really do not have an impact
8Only if basic oil production capacity is hurt or curtailed or is less than what is required, will oil prices be impacted
8So if capacity continues to be created, as is the case with US shale, prices may not move up much, unless constrained by lack of adequate capacity creation in conventional oil & gas resources.
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