Like it or not, looks like the oil price is heading towards $60 per barrel, driven on by OPEC with more than tacit support from Russia. If soundbites received at the conclusion of the International Energy Forum in Algiers on 28 September are to be believed, the cartel is on course to cut production to a range of 32.5 to 33 million barrels per day (bpd) led by Saudis, in a move likely to be supported by the Russians with some action of their own.
