OPEC's Pricing Power Is the Strongest It's Ever Been

OPEC pricing power is likely the strongest it's ever been in the history of the organization. The Gulf countries are now the only game in town, which then leaves them with significant market power. Our base case is the market begins to tighten as the Chinese demand returns during the first half of this year. But I think the key difference here is they are not confronted with competition if they don't bring it back online.