Volatile industry: A 3D printed oil pump jack is seen in front of the Opec logo. While oil prices have recovered to US$43 a barrel, sentiment remains fragile. — Reuters
LONDON: 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 United States Federal Reserve (Fed).
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.
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