OPEC's production decrease

[Baruch Menachem]

In light of the huge drop in oil prices, OPEC decided on production cuts. Considering the fact that the biggest cheaters (Iran) are also the ones demanding the biggest cuts, how long before the fight for market share gets real vicious. Can they, given the huge demands of the population for services in places like Iran and Venezuela, keep the price up as high as it is if they cheat so badly.

 

[RetiredGySgt]

In light of the huge drop in oil prices, OPEC decided on production cuts. Considering the fact that the biggest cheaters (Iran) are also the ones demanding the biggest cuts, how long before the fight for market share gets real vicious. Can they, given the huge demands of the population for services in places like Iran and Venezuela, keep the price up as high as it is if they cheat so badly.

It is not high now at all. And nope they will not be able to cut to much more before some of them start dumping it on the market anyway. Last I saw it is below 40 dollars a barrel.

 

[DavidS]

In light of the huge drop in oil prices, OPEC decided on production cuts. Considering the fact that the biggest cheaters (Iran) are also the ones demanding the biggest cuts, how long before the fight for market share gets real vicious. Can they, given the huge demands of the population for services in places like Iran and Venezuela, keep the price up as high as it is if they cheat so badly.

The Western countries need to work with OPEC right now and do as much as we can to kiss their ass... because once the economy starts recovering, oil will spike to $100/barrel faster than you can say "Bushhhhhed." And when it does, we'll go back to OPEC and say "Do you remember when we supported your production cuts? You owe us..."

 

[DavidS]

It is not high now at all. And nope they will not be able to cut to much more before some of them start dumping it on the market anyway. Last I saw it is below 40 dollars a barrel.

That was January's contract. $33 a barrel I think. We're now in February's contract and everyone's saying $60. We're at $45 I think.

 

[editec]

The Western countries need to work with OPEC right now and do as much as we can to kiss their ass... because once the economy starts recovering, oil will spike to $100/barrel faster than you can say "Bushhhhhed." And when it does, we'll go back to OPEC and say "Do you remember when we supported your production cuts? You owe us..."

Gratitude isn't a national characteristic of any nation on earth.

The French helped us win our revolution AND gave us the Statue of Liberty and we have never forgiven them for it.

 

[RetiredGySgt]

Gratitude isn't a national characteristic of any nation on earth.

The French helped us win our revolution AND gave us the Statue of Liberty and we have never forgiven them for it.

Retard alert. We paid the French back in WW1 and WW2 as well as all the money we gave them after WW2. And what did we get for that? They hate our guts.