Quote:
Originally Posted by Pilforgod
It has nothing to do with Iraq. It has to do with the fact that countries bought up a huge surplus of oil during all the crisis we had over the summer and beforehand and now there is a large surplus driving down the price per barrel. OPEC has responded by cutting down production, prices will either stabilize or go up again eventually.
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Don't forget the opening of non-OPEC oil fields all over the world. Not to mention the fact that even though OPEC is dropping production, it shouldn't matter all too much considering they don't have the cartel they once had. Oil rates would drop even more if half a dozen conflicts would dissolve.
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