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:

Fact: OPEC crude output has been stable over the last nine years. Production has averaged 30 million b/d, with zero growth.

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?

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.


dmurray said...

I'd say the shoe is on the other neck.

Windy Wilson said...

Well, if you cut the money off from the Saudi princes, how can they afford to pay Al Gore so much money for his anti-oil global warming tv channel, or contribute to the anti-fracking environmental movements so those leaders can keep their big houses and big cars?