OPEC to U.S.: Please don't pump so much oil!

[IronLionZion]

http://money.cnn.com/2017/05/11/investing/opec-oil-u-s-supply/index.html

OPEC has asked a favor of other major producers: Please stop pumping so much and help us balance the market.

The unusual plea was issued Thursday in the cartel's closely-watched monthly report, which found that global markets are still suffering from too much supply.

The report said that balancing the market would "require the collective efforts of all oil producers" and should be done "not only for the benefit of the individual countries, but also for the general prosperity of the world economy."

OPEC said that one producer in particular is to blame: The U.S., where shale producers have continued to ramp up their drilling despite lower crude prices.

The increased production has undermined OPEC's efforts to keep prices between $50 and $60 per barrel.

Russia is not a member of OPEC but would like to have oil prices be higher. Venezuela is beyond screwed and is facing political instability in addition to economic.

What's Dolt 45 going to do? I remember a lot of freepers and Trumpers blaming Obama for killing oil jobs after he killed the coal jobs...out of spite.

[Zoonart]

1. Goody?

When do the gas lines start?

[ProfessorGAC]

2. Dumb

If the shale oil drillers were spending $60 bucks a barrel to get the oil and then transport it and sell it for $45, they would quit drilling.

Obviously, they are getting good yields at a cost to produce and transport that is far less than the cost of sale, even at the reduced prices. So, what is there motivation to slow down production? Because OPEC? Laughable.

[Thomas Hurt]

3. Have pity!

The Saudi princes' take on oil is down like a hundred million out of billions.......the horror.

(snark)

[Ohioblue22]

4. i thought this was an onion

[IronLionZion]

5. An onion is so delicious

when sautéed in a little oil