Fact: OPEC crude output has been stable over the last nine years. Production has averaged 30 million b/d, with zero growth.Don't you fee bad for the poor Ara princelings, reduced to taking commercial flights, instead of flying in their Gulfstream Vs? You can see why environmentalists do their bidding to reduce oil production in North America.
Fact: Over the same period, non-OPEC production — led by the US and Canada — has surged by 6.3m b/d. In 2014 alone, growth was measured at over 2m b/d compared with 2013.
In the past, OPEC has often shouldered the burden of ensuring oil market stability alone. In the current situation, which should be of great concern to ALL, is it not time for this burden to be shared?
Tuesday, April 14, 2015
OPEC Complains About North American Oil Production
At the end of a long and turgid defense of why OPEC formed to try and monopolize oil production for their benefit, robber baron style, they complain that: