7 years ago
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OPEC Agrees to Cut Output to Push up Oil Price
OPEC has agreed to cut 1.2 million barrels a day from its present output — the first cutback in eight years —after its 14 members put aside differences to agree on individual production levels.
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https://www.apnews.com
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Greedy people do greedy things.
I really cannot wait until the whole world goes electric.
That's really awesome, we will be spending more money for our heating needs, fuel for our cars and sending money to the oil producing countries.
Gas prices jumped up today in Ohio.
Isn't it great how gas prices jump up on news but come down slowly because that's how the market works...
Back to the oilfields.
There's lots of more expensive oil waiting in the wings for the price to go up.
OPEC has been selling oil at considerable loss for a while. Just a matter of time for the artificial low prices to end.
Fairly common knowledge.
It's not a loss or at an artificially low price, but what the market was pricing it at. It's oil producing countries and US Shale people that claim it's low because they got used to the higher prices. Capitalism and the markets determined that it was overpriced two years ago because of the overproduction, the market should now stabilize it at the price it's "worth" now.
Nope, it's contained in the very first paragraph of this article. It was common knowledge then as it is now.
OPEC flooded the market, took losses, in an attempt to forestall/eliminate production of the new found sources here and abroad, and did so quite effectively, for the short term. It will be a while till our new wells, that were mothballed because of OPEC's action are again productive. Then the market price will effectively be set.