OPEC Will Try and Manage Oil Price Decline, Says Marex Spectron's Wolf

The transcript discusses OPEC's role in managing oil prices, highlighting their ability to control supply and influence the market. It explores the concept of price floors and ceilings, suggesting that $70 might be an unspoken floor for Brent oil, while $80 could be an interim ceiling. The impact of US shale production on OPEC's influence is examined, noting that despite increased US production, OPEC remains a significant player. The market's reaction to OPEC's statements is also discussed, with the suggestion that prices may need to drop further before OPEC takes more substantial action.

How does the speculative community's sentiment affect oil prices?

What factors are contributing to the decline in oil prices according to the text?

What role does OPEC play in managing oil supply and prices?

What is the significance of the $70 and $80 price levels mentioned in the text?

How might US shale production impact OPEC's influence on oil prices?