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To: thackney

You keep saying that they have not raised their production and you are correct. In fact, it is somewhat lower than last year.

However, not only have they not reduced production they have repeatedly released pronouncements to NOT reduce production under any circumstance and loudly announced innervating notices to all who will hear that consumption is down and will go lower when in fact it is the rate of consumption that has moderated and it is still expected to increase but not as fast as previously thought.

Basically, the Saudis are putting gasoline on a fire every time they get a chance.


10 posted on 12/16/2014 11:31:55 AM PST by Sequoyah101 (Adversity does not build character so much as expose it.)
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To: Sequoyah101

I find it amazing that capitalists are complaining that OPEC won’t work as an effective cartel to hold back production and raise prices.


11 posted on 12/16/2014 11:33:08 AM PST by thackney (life is fragile, handle with prayer.)
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To: Sequoyah101
they have repeatedly released pronouncements to NOT reduce production under any circumstance

So members yes. More members want to cut production, but it takes a unanimous vote. Saudi has expressed they are no longer willing to "take one for the team" to subsidize out of control spending by Iran, Venezuela and others.

13 posted on 12/16/2014 11:34:56 AM PST by thackney (life is fragile, handle with prayer.)
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