OPEC Loses Control of Oil Price

Oil industry analysts say that OPEC has lost control of the price of oil.  In a CNBC interview on Tuesday, May 5th, Saudi Arabian oil minister Ali Al-Naimi said, "No one can set the price of oil — it's up to Allah." He commented that neither Saudi Arabia nor OPEC can really control oil prices.  Oil prices have rebounded in recent weeks to the highest since December 2015. However, the fear is that when Iran's oil production comes back on line the price may drop. The U.S. EIA predicts the drop may be as much as $15 per barrel.