OPEC asks US for help…
“Please stop producing so much and help us drive up the cost of oil.”
OPEC has asked a favor of other major producers: Please stop pumping so much and help us balance the market.
The unusual plea was issued Thursday in the cartel’s closely-watched monthly report, which found that global markets are still suffering from too much supply.
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.
I am old enough to remember the 1973-74 OPEC Oil Embargo. I know what my impolite response would be.
Source: http://therealrevo.com/blog/?p=159791
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