“..rising competition from non-OPEC suppliers, especially U.S. shale producers, pose a common threat to all the organization’s members.”
Halleluiah!!! - If only our oil wells were also a threat to them. Far too many rich Arabs around the world, controlling too many economies and governments.
And it’s going to get worse as new technologies to convert natural gas into motor fuels start to come online in the next decade. Unlike the Fischer-Tropsch process to convert coal to liquid fuel, the gas-to-liquid conversion process results in extremely pure forms of gasoline (petrol) and diesel fuel that burn far more cleanly, which also means lower air pollution.
Good, OPEC needs to die. Turn Saudi Arabia back into a vast desert.
The only reason the Saudi’s dropped the price of oil is because ISIS is a dagger pointed straight at Mecca, and the Saudi Royal House. They have already told other OPEC members to bugger off about the price drops.
ISIS is funding themselves with oil money, and this is how the Saudi’s intend to stop them.