Members of the Organization of the Petroleum Exporting Countries saw fit to schedule an “extraordinary” meeting this Friday after seeing oil prices drop more than 50% in three months.
That constitutes an emergency to them, just like the weakening global economy is to the rest of us.
“It’s about a snowball running downhill, and turning into an avalanche,” said Anthony Sabino, a professor of law at St. John’s University, whose legal practice includes oil and gas law. “Per-barrel price is cascading downward and only gaining momentum.”
Indeed, the current environment for the oil market may warrant some degree of panic.
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