Oil Cartel To Cut Production. And So What?
The world’s largest cartel, the Organization of Petroleum Exporting Countries (OPEC), has announced that they will reduce their oil production by 4.2 million barrels per day. The oil production cut was a result of the decline in oil consumption around the world. Well, it is only right to reduce oil production since consumption has slowed down.
However, this announcement is suspicious. When the oil prices went soaring this year, the cartel was slow to move to avert the situation. But now that the prices of crude oil is stabilizing, and may have been going down, the OPEC’s reaction is quick by immediately announcing a production cut. Does this mean the cartel is cooking up on something?
Posted by Jones on December 22nd, 2008 :: Filed under SIMPLY SCANDALOUS
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