Editorials & Other Articles

Purveyor

(29,876 posts) Tue Jun 2, 2015, 11:52 AM Jun 2015

OPEC Is Winning the Oil War

by Isaac Arnsdorf
June 2, 2015 — 6:40 AM EDT

As OPEC ministers meet in Vienna this week they’ll be debating whether the strategy that’s upended oil markets is working.

The last time the Organization of Petroleum Exporting Countries met, in November, it jolted markets by leaving production unchanged instead of staunching a glut by trimming output. Prices collapsed to the lowest in six years.

OPEC said it wanted to “restore market equilibrium” with stable prices. That means flooding the market so oil drops to a level that forces higher-cost producers to scale back, ultimately pushing prices back up.

Now the 12-member group, which controls about 40 percent of world supplies, has to decide whether to change course or stick to its target. These charts illustrate to what extent the strategy has been paying off.

Producers are cutting back…

more...

http://www.bloomberg.com/news/articles/2015-06-02/opec-is-winning-the-oil-price-war

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OPEC Is Winning the Oil War (Original Post) Purveyor Jun 2015 OP

Of course they are. They've had us "over a barrel" for decades. Only their good favor...can't get libdem4life Jun 2015 #1

libdem4life

(13,877 posts)

1. Of course they are. They've had us "over a barrel" for decades. Only their good favor...can't get

Reply to Purveyor (Original post)

Tue Jun 2, 2015, 11:58 AM

Jun 2015

Bush's kiss on the Saudi someone or other out of my mind...has kept us in the oil business.

That's why we need Bernie and those who will stand for the environment, wean us off fossil fuels, create jobs here in doing that, maybe as part of the Infrastructure Works Program he has in mind.

Thank god he's not beholden to them or to the corporate oil companies who belong in that 1% bracket. Maybe some of them are too big to fail...yeah too big to exist. Those are scary words and must take a lot of organizing and cooperation to begin the weaning...but it has to start somewhere and I'd be proud for it to happen in my lifetime as a result of my lone vote.

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