BLOG: Dream On, OPEC – The US Will Never Act Like A Cartel

2 May 2017   OPEC

OPEC Sec Gen says US is outside the global trend of cutting crude production for the sake of market stability, but in reality, tight oil companies made market-driven cuts before OPEC could make a deal. Apparently, the United States is out of sync with the rest of the world – which some might argue is good – because tight oil producers didn’t cut back when OPEC finally managed to address market volatility. OPEC Secretary General Mohammed Barkindo called out the United States as outside the “global trend of de-stocking” its production, during his April 27 remarks in Paris to the 18th International Oil Summit. Since its agreement in late November, a step that occurred after a number of fits and starts, OPEC agreed to cut its production by 1.2 million barrels per day (MMbpd) . That was in response to dismally low oil prices that had spiraled downward for […]

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