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Thursday, April 16, 2015

OPEC Doesn't Think It's Fair for Non-OPEC Producers to Look Out For Their Own Interests

From CNBC:
The Organization of the Petroleum Exporting Countries published a stinging critique on Monday of oil-producing countries that had refused to follow its lead in holding back supply in an effort to boost prices. 
"Today, operating purely through self-interest is quite simply frowned upon," said the intergovernmental organization in a bulletin
"Yet, when it comes to the supply of petroleum, there is a stubborn willingness of some non-OPEC producers to adopt a go-it-alone attitude, with scant regard for the consequences." 
OPEC, which represents 12 countries but is dominated by top exporter Saudi Arabia, has steadfastly refused to cut output, despite the 50 percent tumble in Brent and WTI crude oil prices since June 2014.
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