OPEC cartel plans to keep production flowing have drastically misfired they could have simply got together in some small Swiss alp retreat with the other world oil cartels and thrashed out a deal to keep production at a level that would have suited everyone and stabilized the worlds economy. Now we have a world on the brink of Armageddon the middle east is where life begun and where it will end countries which rely heavily on Oil production to keep their citizens in check will implode.In ten years time IS will control all of the middle east apart from Israel and Iran which the USA will play the powder keck role of peace keeper. Russia will have pushed forward into the Baltics knowing the EU could only fight with words and China will be at war in ASIA with the US high on their target. Me I am building a fallout shelter as we speak hopefully fully completed by 2018 lets just hope the funds I will need come from my employment in the Oil industry and I don't get laid off or it will just be a 10ft concrete pipe with a tin roof
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Then what will it take tobturn the market around? Whats your opinion?
The goal was never to find a solution that benefited everyone. It was always to kick the U.S. where it mattered most. The cartel succeeded. As far as the money it needs, that's just one more joke on the U.S. The only reason the Iran nuke deal is even in the news is simply due to politics. Iran's entire efforts can't even begin to measure up to the advances the other countries have made. Iran's part of OPEC and it's about to have major money rolling in. Don't kid yourselves: the nuke deal is not about nuclear weapons. It's about oil. The American oil industry plays by its own rules, knowing Republicans aren't going to let it burn. Now, though, with this deal with Iran, even the Republicans may end up with no hand to play. What no one could have anticipated are the massive problems around the world all hitting at the same time.
How can you flood the market at $45/bbl? You think that will drive prices up? The simple fact is there no price point at which the US producers could win that battle without government subsidy. That would be a hard sell in anybody's book. This all came about because the USA was flexing its muscle - not in spite of it. If not for the treaty, things would be very different. But the US cannot have everything. It chose its priorities and I don't see the govt. really showing much concern over the downturn in the oil sector. Maybe state govt in North Dakota.
We need to quit importing from them and the government needs to lift our export ban and let's compete with them head on. An article says Saudi is needing to borrow 27 billion due to their loss of income from their amped up production. Let's take their customers and kick them while their down. Let them come tu us for help. Let's flood their market, and them want us to stop production. Let America run things. We the best in everything else. Let's flex our superpower muscle.