Quote:
Originally Posted by JJ Gold
OPEC is trying to stop the U.S. from becoming energy independent. Oil demand is weak due to a slowdown in the global economy (China). Normally OPEC would cut production. In their recent meeting they voted to maintain current production levels. Their motivation is to drive out U.S. domestic oil production which becomes unfeasible below $70 a barrel.
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Shale oil production is profitable down to about $55/barrel, and they're likely trying to discourage its continued growth .. yes.