Yada Yada Yada, Your post is without any information that agrees with the reports from the financial press and with reports from real players in the oil trade.
OPEC has met in meetings and has been led by the Saudis to agree to not cut production. Those decisions precipitated a fall in the price of oil and the lower price of oil has already driven some drillers out of business and forced pipeline projects to be cancelled, all this backed by reports in the financial press and in the field; end of discussion.
Agree? That isn't a good description of OPEC meeting. It takes a unanimous vote to cut production. Even though majority want a cut, it won't happen without all.
As Venezuelan Foreign Minister Rafael Ramirez urged fellow OPEC members to cut oil production at one point during last week’s three-hour meeting in Vienna, the split in the group quickly became clear.
Eight countries -- including those from Angola and Nigeria, which are, like Venezuela, among the hardest hit by the five-month rout in crude prices -- embraced a reduction, according to five people briefed on the meeting. Absent from that list, though, was the most important man in the room, Saudi Arabian Oil Minister Ali Al-Naimi, who led a group of four Persian Gulf nations in voicing dissent, the people said.
And with that, the push for a cut, which would require unanimous backing, was shot down, leaving OPEC’s daily output target at 30 million barrels and triggering a 10 percent collapse in prices by the next day. The disagreement cements the formation of two camps that had been brewing for weeks within OPEC: the financially strapped nations pleading for a cut to trim the supply glut and boost prices, and the fiscal powerhouses willing to withstand lower prices in a bid to get U.S. shale drillers to curb their expansion.
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Venezuela's representative to the Organisation of Petroleum Exporting Countries (Opec), Rafael Ramirez, stormed out of the secretariat in Vienna after his proposal to make deep cuts was rejected by Opec kingpins Saudi Arabia and a clutch of Gulf Arab producers.
What will I believe, them or my lying eyes?
Again...OPEC will not cut production...Saudi is the swing producer. Over the next 10 years the Saudis would have to effectively eliminate their production, and that will not happen.
Falling prices have the effect of crippling Iran, which is a Saudi foreign policy bonus.
They have, for the time being, lost the ability to control the market.
If these so-called 'experts' cannot see this, then they are missing the forest for the trees.