Beyond OPEC: Big Oil should prepare for the lash of market forces

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OPEC’s intervention will not save a flabby industry from the lash of market forces

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Shape up

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Beyond OPEC

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A MOOD of excitement has gripped the oil industry since OPEC, a cartel of producers, resorted last month to its old trick of rigging the market to shore up prices. After two years of crisis, firms at last scent an end to cheap oil. Bankers are again throwing money at North American oil companies to drill in onshore shale beds, pushing junk-bond yields to their lowest levels since 2014. On December 5th and 7th respectively, Mexico and Iran struck potential deals with some of the world’s biggest oil firms to develop vast prospective …

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