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Online Cyber Liberty

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OPEC Looks Totally Bewildered by the Oil Market
« on: June 25, 2017, 05:20:27 pm »
By Julian Lee
June 25, 2017 3:00 AM EDT

Quote
It may be too soon to write OPEC's obituary, but the oil producer club appears in urgent need of late-life care. It shows little understanding of where it is, how it got there or where it's going. While it still manages to collect new members here and there, its core group looks more fragile than at any point in nearly 30 years.

The historic output agreements, put together so painstakingly last year, are failing. Nearly 12 months of shuttle diplomacy culminated in two deals that would see 22 countries cut production by nearly 1.8 million barrels a day. Implementation has been better than for any previous output cut, with compliance put at 106 percent in May. A resounding success? Hardly.

We're now in the final month of those deals and oil prices are lower than when they were agreed. Not only have producers sacrificed volume, but they earn less for each barrel they do produce.

Read more at Bloomberg Gadfly:  https://www.bloomberg.com/gadfly/articles/2017-06-25/opec-looks-totally-bewildered-by-the-oil-market
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Online Fishrrman

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Re: OPEC Looks Totally Bewildered by the Oil Market
« Reply #1 on: June 26, 2017, 01:49:08 am »
OPEC as an organization should have been put down with military force when it first reared its ugly head back around 1973.

If Nixon and the Israelis had had the courage to do this, the world would have been spared the destructive rounds of inflation of the 1970's.
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Offline Idiot

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Re: OPEC Looks Totally Bewildered by the Oil Market
« Reply #2 on: June 26, 2017, 02:13:31 am »
West Texas (Permian Basin) is FRIGGEN killing the price of oil.  I wish they'd slow down some, before we are all greeters at Walmart....
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Offline rodamala

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Re: OPEC Looks Totally Bewildered by the Oil Market
« Reply #3 on: June 26, 2017, 02:22:14 am »
Quote from: mrpotatohead on June 26, 2017, 02:13:31 am
West Texas (Permian Basin) is FRIGGEN killing the price of oil.  I wish they'd slow down some, before we are all greeters at Walmart....

I recall that the McDonald's in Monahans, TX back in 2013 was advertising out front that they were hiring all positions staring at $16/hr.
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Offline IsailedawayfromFR

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Re: OPEC Looks Totally Bewildered by the Oil Market
« Reply #4 on: June 26, 2017, 02:39:29 am »
The genie is out of the bottle and will not return.

OPEC will receive its just due since those countries began nationalizing legitimate contracts and organizing a cartel which in this country is illegal.
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Offline Joe Wooten

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Re: OPEC Looks Totally Bewildered by the Oil Market
« Reply #5 on: June 27, 2017, 02:02:53 am »
To quote Instapundit.... "Have you hugged a fracker today?"
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