Um here let me answer this for ya Donnie.. Oh Hell No. While you’re begging for the US to produce less, our fuel prices have yet to drop as a matter of fact it’s been mentioned fuel taxes at the pump are gonna go up to help pay for infrastructure projects. So nope, oversaturate the market! – PB/TK
OPEC to U.S.: Please produce less oil for the ‘prosperity of the world economy’ – By John Sexton l May 11 2017
OPEC, the oil cartel really cares about the world. That’s the message of a new monthly report issued Thursday. OPEC says what the world needs now is a bit less supply on the global oil market. In particular, they would really appreciate it if the United States would stop producing so much damn oil…for the good of the world of course. From CNN Money:
“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.”
Last December, Jazz wrote about OPEC’s decision to cut production for six months in an attempt to drive oil price up. The plan worked. Soon after the announcement was made, prices rose above $50 a barrel. OPEC members made clear at the time that it wanted prices higher but not above $60 a barrel because the low-60s is where U.S. shale would become competitive again. If prices were to settle in that range, it would mean a whole bunch of new drilling in the U.S.
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