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Floors and ceilings: has OPEC changed its philosophy?

With Margaret McQuaile

December 10, 2015 12:09:20 EST (3:09)

OPEC ministers met in Vienna on December 4 to agree official oil output policy for the year ahead. There was no agreement on output levels that the market could derive comfort from. Platts senior correspondent Margaret McQuaile argues that the lack of a ceiling does not make a great deal of difference in a practical sense, but that philosophically there seems to have been a change and it may be some time before we understand what it means.

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