, Columnist
OPEC Loses Its Crown
A bout of price revival will be short lived, for all the reasons OPEC doesn't want to see.
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It's happy days for OPEC, but once the whoops and hollers die down, the group should take a long hard look at itself. Because it's lost its crown as the world's top oil player.
Shale billionaire Harold Hamm told Bloomberg TV on Friday that forecasts of U.S. oil production growth are way too optimistic and are distorting global crude prices. That news was greeted with big smiles -- if not wild cheering -- by oil ministers meeting in Vienna to discuss the effectiveness of their output deal. But it is too early for them to start celebrating just yet.