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From: Paul H. Christiansen	10/23/2016 9:52:19 AM
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OPEC Will Drive Oil Price Up To $60 And US Shale Players Would Bank It Like it or not, looks like the oil price is heading towards $60 per barrel, driven on by OPEC with more than tacit support from Russia. If soundbites received at the conclusion of the International Energy Forum in Algiers on 28 September are to be believed, the cartel is on course to cut production to a range of 32.5 to 33 million barrels per day (bpd) led by Saudis, in a move likely to be supported by the Russians with some action of their own. Since both the Russians and Saudis have started talking about “prices”rather than production levels, the coming together of Moscow and Riyadh – who between them are pumping over 20 million bpd – along with the rest of OPEC for some good old fashioned market tinkering appears inevitable. forbes.com

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