The Opec oil cartel no longer exists in any meaningful sense and crude prices will slump to $50 a barrel over the coming months as market forces shake out the weakest producers, Bank of America has warned.
Revolutionary changes sweeping the world’s energy industry will drive down the price of liquefied natural gas (LNG), creating a “multi-year” glut and a much cheaper source of gas for Europe. Francisco Blanch, the bank’s commodity chief, said Opec is “effectively dissolved” after it failed to stabilize prices at its last meeting.
“The consequences are profound and long-lasting,“ he said.
The free market will now set the global cost of oil ...The subject of the pricing of oil is complicated, and it's worth reading the whole thing.
But note the article brings up the subject of LNG. This is the wild card that is going to bring the United States victory in the coming years.
Here's a post I did on what is, and will be happening with LNG.