Posted on 12/03/2015 1:05:30 PM PST by bananaman22
OPEC is set to convene its twice-a-year meeting in Vienna, and a growing number of the group’s members are clamoring for production cuts in order to boost oil prices.
The problem is a collective one. Sure, everyone agrees production should be cut, but each member wants someone else to shoulder the burden. That results in no decision.
The only member whose voice really counts is Saudi Arabia. Interestingly, the de facto leader of OPEC is starting to change its tone, a sign that the desperation from some OPEC countries – along with the financial pain that Saudi Arabia itself has been feeling – is starting to have an effect.
(Excerpt) Read more at oilprice.com ...
I don’t know. Can they voluntarily cut back on the lifestyles of their citizens (including their royal families) and their defense budgets?
I have been waiting for this situation since 1977, or so. Anyway, since the mid-seventies. I would dearly love to see payback for holding oil of our heads. And, to watch all the congress critters whom have taken money from OPEC all of these years.
They can, but they will not. They are lock step with the US greenies to put Fracking out of business.
The greens want us to get by with unicorn milk.
This is a good thread to restate the “epiphany” I had many, many years ago..
OPEC meets in Vienna, Austria, because that’s where the Polish general Sobieski lead the European armies that defeated the hordes of islamic, barbaric animals.
Saudi Arabia doesn’t want to.
If you've been waiting since 1977, you may have missed a lot.
The 1980's oil glut was much worse than today. In 1986, prices crashed below $10/barrel and it hurt Saudia Arabia and OPEC badly. Oil were low in the late 90's. The last 15 years have seen unprecedented price levels. I think one of the reasons Saudi Arabia doesn't want to throttle down supply is, they've realized they could cause a 1986 again.
Just curious: Are you hoping oil prices go back up to the $100/barrel range, which would see a lot of unfriendly countries benefit?
“They can, but they will not. They are lock step with the US greenies to put Fracking out of business.
The greens want us to get by with unicorn milk.”
Yeah, but OPEC and the Greenies only have one more year to work with, before President Trump is sworn in to office, and gives free rein to the fracking industry here to boost production. Thus any lowering of oil output by others will very shortly be sopped up by over-production in the U.S. Especially if Canada, under its new leftist leader Trudeau cuts back on oil production also, leaving the U.S. with a wide open field to out-produce everyone. All positives for our own economy.
I’ll take you at your word.. That said;
They’re deeply embedded in the petro-dollar.
The US taxpayer subsidizes Saudi oil at the rate of $100+ barrel for US military protection of their oil fields.
The collapse of the petro-dollar will bring down an entire subdivision house of cards. The first street on the block is Wallstreet.
The Northeastern Crony Capitalists will be tied and quartered by the nefarious progeny of which they’ve spawned.
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