30 Nov '14, 1am

#peakoil Is OPEC A Toothless Tiger?: OPEC MET THIS WEEK and decided not to cut the oil production quotas of it...

rockman on Sat, 29th Nov 2014 7:37 pm “So far they’ve collapsed oil prices exactly as planned.” So the KSA’s clever plan is to give up $100+ billions in revenue over the next 12 months if oil averages $30/bbl less than it had been. I wonder what the KSA will be getting for that price? Let’s see…they lose the financial incentive to replace their declining reserves. Hmm…I don’t think so. They prove to the world they have the power to maintain high oil prices. Hmm…that plan doesn’t seem to be working. OK…the KSA plan is to force OPEC members to finally become a true cartel and collectively reduce their oil exports. Hmm…so far that’s a bust. I know: they want to force US shale players to reduce their production. That plan has surely backfired: to maintain the max cash flow they need to survive those producers will have to squeeze every bbl out they can. US oil producers appear...

Full article: http://peakoil.com/generalideas/is-opec-a-toothless-tiger

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