OPEC Talks Breakdown, Price of Oil Spikes
Just when you really needed another feel-good story, I had to go and bring you this. You know those oil-producing countries that from time to time like to remind the rest of us that as much as we think we’ve got them by the throat, it is they who have the power to really make a statement when they find it fitting? Yeah those guys. The ones – half of which – we support, prop-up, sponsor, or provide relief and or nation-building support for… well they can’t seem to come to an agreement on producing more oil to curb the rising global prices. Shocker.
CNBC: OPEC talks broke down in acrimony on Wednesday after Saudi Arabia failed to convince the cartel to lift production, sparking a rebound in global oil prices.
“We were unable to reach an agreement—this is one of the worst meetings we have ever had,” said Ali al-Naimi, oil minister for Saudi Arabia, OPEC’s biggest producer.
The failure to do a deal is a blow for consumer countries hoping the Organization of the Petroleum Exporting Countries would take action to stem fuel inflation.
“We have noted with disappointment that OPEC members today were unable to agree on the need to make more oil available to the market,” said the International Energy Agency.
The United States had put pressure on Saudi to deliver a credible deal to cap crude prices and underpin faltering economic growth.
Brent crude [LCOCV1 118.00 1.22 (+1.04%) ] rose above $118 a barrel, whileUS light sweet crude [CLCV1 101.65 2.56 (+2.58%) ] rose above $100 a barrel.
A bigger-than-expected drop in US crude inventories also helped boost oil prices.
Say it with me now…. AWESOME!!!
$5 Gas here we come…
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