OPEC Readies Next Move in Bid to Avoid Oil Taper Tantrum
- OPEC+ leaning toward a gradual easing of production curbs
- JMMC to assess strategy on July 15 amid fragile market outlook
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Saudi Oil Minister Prince Abdulaziz bin Salman likes the idea of OPEC+ acting as the central bank of oil. And he expresses admiration for Alan Greenspan, former chairman of the U.S. Federal Reserve.
The challenge now confronting the oil producers’ club is one that’s all too familiar to the Fed: how to avoid a “taper tantrum,” the market panic that ensued when the institution proposed tightening monetary policy in 2013.