Organization of the Petroleum Exporting Countries (OPEC) has not agreed on anything for the last two years and that it is too late to do anything now, said Fadel Gheit, senior oil and gas analyst at Oppenheimer & Co.Speaking to CNBC-TV18, Gheit said with shale being the game-changer, the crude price war will continue and OPEC members will keep fighting for life because of the change in the energy world. Given that shale is not politics but technology, he said OPEC as a market watcher has lost its control over oil prices for forever.Calling OPEC irrelevant, dysfunctional and corrupt, Gheit said both technology and time have left OPEC's side. He is of the view that the crude prices will only rise from here on. Backing Gheit, Wing Fung Financial Group Head of Research Mark To said oil prices may rise to USD 50/60 per barrel. Meanwhile, Mriganka Jaipuriyar, Associate Editorial Director for Asia Oil News, Platts believes the market isn’t surprised with OPEC’s decision to maintain status quo. Watch video for more..
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