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Author Topic: Crude war: Shale losing battle to OPEC  (Read 1111 times)

Offline jchima

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Crude war: Shale losing battle to OPEC
« on: January 24, 2015, 03:34:32 AM »
Amidst the dwindling crude oil price, OPEC opted at its November 27, 2014 meeting for non-interference in the market and oil prices. OPEC left the oil prices to the forces of supply and demand in its bid to “break the backbone” of US oil companies and the shale oil boom. Members of the cartel agreed to bear some losses in the short term, in order to restore their dominance once again on the world oil market in the long term.

OPEC is unlikely to blink and cut output, and the price is now approaching a level where US production will begin shutting down. Both sides are feeling the heat as oil prices tumble. OPEC members are losing out on much-needed revenue to bankroll their budgets, and many domestic energy players are feeling the pressure too.
Source: http://ereporter.com.ng/index.php/business-news/item/2682-crude-war-shale-losing-battle-to-opec



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Crude war: Shale losing battle to OPEC
« on: January 24, 2015, 03:34:32 AM »

 

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