Oilfield Magazine

Blog

Opec meeting will celebrate oil price declines – at member countries’ expense

Opec meeting will celebrate oil price declines – at member countries’ expense
December 02
19:50 2015

When the Organization of Petroleum Exporting Countries (Opec) meets Friday in Vienna, the cartel will be celebrating a victory of sorts, one that has cost its members dearly.

A year ago Opec, whose members include Saudi Arabia, United Arab Emirates and Venezuela, was facing increasing competition from North America. Alarmed by the growing supply of oil from non-traditional producers using fracking to access oil in shale deposits like the Bakken field in North Dakota, Opec was determined to stop this competition. Instead of trying to support prices, it decided tomaintain market share.

Continue reading at:  http://www.theguardian.com/business/2015/dec/02/opec-meeting-vienna-oil-prices-shale

Tags
Share

Related Articles

0 Comments

No Comments Yet!

There are no comments at the moment, do you want to add one?

Write a comment

Write a Comment

Like Us On Facebook

Skip to toolbar