When the price is right

Should Middle Eastern oil producers – Saudi Arabia in particular – be price makers rather than takers, confined to influencing prices through OPEC quotas? With OPEC’s contribution to overall oil production dwindling compared to non-OPEC producers’ output, and rising domestic demand in the Arab world, there are strong arguments for price signalling. However, the turmoil in the region means any change in strategy will be difficult to implement, writes Paul Cochrane in Beirut.