The 14-nation Opec cartel, which supplies almost 40pc of the world’s crude, will iron out the details of each country’s specific production limits at the next Opec meeting in November in Vienna. The crude glut has sent the price of crude tumbling from a peak of $115 a barrel in June 2014 to as low as $27.88 in January, exerting huge pressure on the energy industry. This is significant and only goes to show you how complicit the Administration has been with the Saudis. Now it is time for the Public to pay for it.
The 14-nation Opec cartel, which supplies almost 40pc of the world’s crude, will iron out the details of each country’s specific production limits at the next Opec meeting in November in Vienna. It also plans ask other oil producing countries that are not part of the cartel to help tackle the worldwide oversupply of crude.The output cut, which was agreed behind closed doors in a four-and-a-half hour meeting in Algiers, also marks a significant shift in relations between Saudi Arabia, which is Opec’s biggest producer and effectively its leader, and Iran.
Get ready to pay for it at the pump, because when the backroom price setting is complete, we as Americans are going to be paying for it. Just as the holiday shopping season comes upon us, not to mention winter oil heating costs. Keep this in mind when you go to the polls, and remember all the opportunities over the last decade to free ourselves from dependent oil purchases to self reliance. What do you think?