War Of Words Breaks Out Among OPEC Members

[Purveyor]

After watching the price of crude oil collapse by more than 65% to a 12-year low, there are signs that some members of the OPEC may have had enough.

Nigeria's top oil official, who is also the outgoing OPEC President, Emmanuel Kachikwu said the cartel is considering an emergency meeting, perhaps as soon as next month. At issue is whether OPEC would agree to cut production, a move that could help stop the crude price freefall.

"I expect to see one," he told CNN. "I think a ... majority in terms of [OPEC] membership are beginning to feel that the time has come to ... have a meeting and dialogue again once more without the sort of tension that we had in Vienna on this."

But in the same day, another member of OPEC the United Arab Emirates threw cold water on those hopes.

"I don't think it's fair to ask OPEC" to unilaterally cut production, said Suhail Mohammed Al Mazrouei, the UAE energy minister. He added that OPEC's strategy is "working."

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http://money.cnn.com/2016/01/12/news/economy/oil-opec-emergency-meeting/index.html

[jonno99]

1. And what is Opec's "strategy"? To drive US producers out of business? Looks like

their strategy is succeeding...

[AngryAmish]

2. This is what they don't get.

All the tracking companies can go belly up. Then all the equipment would be sold at auction. Then stored. Next year when prices go up, back to frack we go.