Saturday, May 13, 2017

OPEC is Hurting

5/11/17 CNN Money:
OPEC has asked a favor of other major producers: Please stop pumping so much and help us balance the market.
The unusual plea was issued Thursday in the cartel's closely-watched monthly report, which found that global markets are still suffering from too much supply.
The report said that balancing the market would "require the collective efforts of all oil producers" and should be done "not only for the benefit of the individual countries, but also for the general prosperity of the world economy."
OPEC said that one producer in particular is to blame: The U.S., where shale producers have continued to ramp up their drilling despite lower crude prices.
And where was their concern when OPEC was destroying Western economies in the 1970s?

1 comment:

  1. Dear OPEC:

    Now you're ALL Venezuela ... with a single product and the bottom has dropped out of the market.