Contrary to its official mission to stabilize the oil market, OPEC’s strategy is doing the contrary—the oil production cuts are destabilizing the oil market, Emirates NBD’s Commodity Analyst Edward Bell says. The production cuts have thrown in a new variable of uncertainty in the market—how long these cuts would last, and how long the economies of OPEC members can afford the cuts to impact their production levels and revenues, considering that oil prices haven’t risen as high as the budget breakevens of many Gulf economies, Arabian Business quoted Bell as saying. “So when we look at the track record certainly seems ... (full story)