RE:RE:RE:How can anyone make sense of this....Oil producers make money selling oil, there is n Global regulatory Body that sets quotas, so no one is going to volunatarily turn off their taps or reduce their flow - there is massive over capacity
compared to global need we have a glut - the only way to reduce this is by taking producers offline, How? By using the stategy already in play by OPEC
Until Rigs go offline and companies go under and we "North America" is on the verge if not
close to oil deficiency the OPEC Cartel will not stop playing this game to ensure their market dominance... It isn't a matter of a verbal acknowledgement it has to be evidenced physically
that their is a significant reduction in production.
We are a long way from the end of this story, there may be short periods of market reprieve and maybe even days where it appears oil is recovering, but OPEC will continue to play this game until there is ample evidence that they are squarely in charge and have regained control.
If Governments and Oil Industry don't like it they need to tell OPEC that we don't recognize their authority as a regulator of prices and that we aren't buying any oil from OPEC Nations, we don't need your oil - so long. After all weren't we (N.A.) aiming for oil self dependence.